GST mop up in December rises to Rs. 86703 crore; trend reverses

GST mop up in December rises to Rs. 86703 crore; trend reverses

The total number of taxpayers registered under the Goods and Services Tax (GST) crossed the one-crore mark in January, according to the latest figures released by the Finance Ministry on Thursday. Before picking up in December, the revenue collection fell for two consecutive months from over Rs 92,000 crore in September to Rs 83,346 crore in October and Rs 80,808 crore in November.

The Budget has targeted indirect tax collections of Rs 9.26 trillion and the government has collected Rs 5.87 trillion in the first nine months of 2017-18. In the composition scheme, 54% of assessees filed returns in October-December.

The Ministry said, a total of over 8 lakh returns were filed by Composition Dealers for the July-September, quarter, paying a total of around 336 crore rupees as GST.

The collection under new unified indirect tax, which has been introduced since July 1 past year, had fallen from Rs95,000 crore in the first month of its launch to Rs 90,800 crore in August.

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Vishal Raheja, DGM, Taxmann, said the jump in GST revenue last month will be a "big relief" for the government.

For the quarter October-December 2017, theLast Date for filing GSTR 4 return was 18th January, 2018. This may have some impact on the January and February collections.

The council had also made a decision to roll out anti-tax evasion measures that would include matching GST returns and bringing e-way bills which will certify that goods being transported have paid the GST. "Anti-evasion measures being taken by the government are likely to result in a further increase in revenue in the January-March quarter", said Pratik Jain, leader, indirect tax, PwC. The new tax rates will be effective from January 25. Of them, 17.11 lakh had availed the composition scheme.

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