Marginal fall in Feb GST numbers, 85,174 Cr. collected

The total revenue received under Goods and Services Tax (GST) for the month of February 2018 has been Rs. 85,174 crores, the Ministry of Finance said on Tuesday.

This is 69 percent of total taxpayers which are required to file monthly returns.

Meanwhile, Rs. 86,318 crore were collected as GST revenue for January 2108.

1.05 crore taxpayers have been registered under GST so far till 25th March, 2018.

Out of these, 18.17 lakh are composition dealers which are required to file returns every quarter and the rest of 86.37 lakh taxpayers are required to file monthly returns.

Further, 59.51 lakh GSTR 3B returns have been filed for the month of February 2018 till March 25.

Of the Rs. 85,174 crores collected under GST for the month of March 2018 (upto March 26), Rs. 14,945 crores have been collected as Central Goods and Service Tax (CGST), Rs. 20,456 crores has been collected as State Goods and Services Tax (SGST), Rs. 42,456 crores has been collected as Integrated Goods and Service Tax (IGST) and Rs. 7,317 crores has been collected as compensation cess.

Further, Rs. 12,140 crores is being transferred from IGST to CGST account and Rs. 13,424 crores 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 B2C transactions.

Thus, a total amount of Rs. 25,564 crores is being transferred from IGST to CGST/SGST account by way of settlement.

The total collection of CGST and SGST for the month of March, 2018 (upto March 26) is Rs. 27,085 crores and Rs. 33,880 crores respectively, including transfers by way of settlement.