The collection of Goods and Services Tax (GST) slipped marginally to Rs 863.18 billion in January, from Rs 867.03 billion in December.
"The total revenue received under GST for the month of January 2018 (received in January/February up to February 25, 2018) has been Rs 863.18 billion" the finance ministry said in a statement.
The ministry said that 10.3 million taxpayers have been registered under GST till February 25, of which 1.76 million are composition dealers who are required to file returns every quarter.
Of the total, 123,000 composition dealers have opted out of scheme and have thus become regular taxpayers, it said, adding that "till February 25 there are 1.64 million composition dealers which are required to file returns every quarter and the rest of 8.7 million taxpayers are required to file monthly returns."
The ministry further said that as many as 5.77 million GSTR 3B returns have been filed for the month of January till February 25, 2018.
This is 69% of total taxpayers who are required to file monthly returns, it added. Of the Rs 863.18 billion collected during the month, Rs 142.33 billion have been collected as CGST, Rs 199.61 billion as SGST, Rs 437.94 billion as IGST and Rs 83.31 billion as compensation cess.
The ministry further said that Rs 113.27 billion is being transferred from IGST to CGST account, and Rs 134.79 billion to SGST account by way of settlement of funds on account of cross utilisation of IGST credit for payment of CGST and SGST respectively or due to inter State B2C transactions.
A total amount of Rs 248.06 billion is being transferred from IGST to CGST/SGST account by way of settlement. it added.
share
