GST collections for November dip further to Rs 80,808 crore

Positive and negative impact of GST, GST collections

GST collections slipped for second straight month to Rs 80,808 crore in November, down from over Rs 83,346 crore in the previous month.

The total collection of GST till December 25 stood at Rs 80,808 crore for November and 53.06 lakh returns have been filed for the month, a finance ministry statement said.

Of the Rs 80,808 crore collected, Rs 7,798 crore has been garnered as compensation cess in November – the fifth month of GST roll out.

GST collection for November dip further to Rs 80,808 crore

Besides, Rs 13,089 crore have been collected as Central GST, Rs 18,650 crore as State GST, Rs 41,270 crore as Integrated Goods and Services Tax.

Further, Rs 10,348 crore is being transferred from IGST to CGST account and Rs 14,488 crore is being transferred from IGST 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 business to consumer transactions.

Also Read: TCS bags record $2.25 billion outsourcing deal, largest ever for Indian IT firm. 

Thus, a total amount of Rs 24,836 crore is being transferred from IGST to CGST/SGST account by way of settlement, the statement added.

Thus, the total collection of CGST and SGST for the month of December, 2017 (up to December 25) is Rs 23,437 crore and Rs 33,138 crore, respectively.

As per the data available, GST collections in July was over Rs 92,283 crore, while in August the figure was over Rs 90,669 crore. 

In September, it was over Rs 92,150 crore and in October it was over Rs 83,346 crore.