After breaching Rs 1-trn mark in Oct, Nov GST collections dip to Rs 976 bn

After breaching the Rs 1-trillion-mark in October, revenue collection under the Goods and Services Tax (GST) slid to Rs 976.37 billion in November.

The revenue collected in November relates to transactions made in October. The total GST revenue collected in October (for September) was Rs 1 trillion.

The Finance Ministry said a total of 696 million GSTR-3B returns were filed till November 30, bringing in Rs 168.12 billion as Central GST (CGST), Rs 230.7 billion as state GST (SGST), Rs 497.26 billion as Integrated GST (IGST) and Rs 80.31 billion as cess.

While the CGST and SGST showed a marginal improvement over last month when they were Rs 164.64 billion and Rs 228.26 billion, respectively, the shortfall in revenue was mainly on account of IGST which was Rs 534.19 billion in October. The cess collected in October was Rs 80 billion.

"The government has settled Rs 182.62 billion to CGST and Rs 157.04 billion to SGST from IGST as regular settlement. The total revenue earned by the Central and state governments after regular settlement in the month of November is Rs 350.73 billion for CGST and Rs 387.74 billion for the SGST," the Finance Ministry statement said.

Rs 119.22 billion has been released to the states as GST compensation for the months of August and September, it said.