GST revenue collection declines

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GST revenue collection declines

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GST collections slipped for the second straight month to Rs 80,808 crore in November, down from over Rs 83,000 crore in the previous month.

The total collection of GST until 25 December 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 rollout.

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.

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Analysts and observers have attributed the decline in the tax collection to the series of tax rate cuts by the government in order to reign in the prices and ease the pain for certain businesses.

“Dip in collection in revenue for November is on expected lines, as rates of over 175 items were reduced from 15 November and refunds to exporters started recently. Even for December, there could be an impact of opening credit claim for which the last date is December 27th. From January onwards, the collections should stablise,” Pratik Jain, leader – indirect tax, PwC, said in a statement.

source by:-economictimes

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