GST Collections 2018

GST Collections 2018: Overall collections fall as only 69% of assessees file returns

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The government reported a fall in GST collections for the second straight month of 2018, with collections declining to 85,174 crore. According to collection date, about 59.51 lakh GSTR 3B filings were reported until the 25th of March, 2018, for the month of February.

The report published by the Finance Ministry evinced that only 69% of taxpayers have filed their returns under the new GST regime that requires certain businesses to file returns on a monthly basis. The collections for the month of January stood at Rs. 86,318 crore, while the numbers for November and December stood at Rs. 83,716 crore and Rs. 88,929 crore respectively.

Under the various collection channels, Rs. 20,456 crore has been collected under State GST and Rs. 14,945 crore under the Central GST. Apart from this, Rs. 42, 456 crore has been collected under Integrated GST while the remaining Rs. 7,317 crore has been collected under the compensation cess component of the tax regime.

The number of taxpayers registered under the GST regime and required to file their returns stood at 1.05 crore, of which 86.37 lakh taxpayers are expected to file monthly returns while the remaining 8.17 lakh taxpayers, who are composition dealers, are expected to file quarterly returns with the Ministry of Finance, Government of India.

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