December GST Collections Drop to Rs 94,726 Crore
Image for representational use only; Image Courtesy : CNBC TV18
New Delhi: Revenue collection under the Goods and Services Tax (GST) fell for the second straight month to Rs 94,726 crore in December from Rs 97,637 crore collected in November despite a rise in the number of tax returns filed.
The Finance Ministry on Tuesday said a total of 72.44 lakh GSTR-3B returns were filed till December 31, up from 69.6 lakh filed in November, bringing in Rs 16,442 crore as Central GST (CGST), Rs 22,459 crore as State GST (SGST), Rs 47,936 crore as Integrated GST (IGST) and Rs 7,888 crore as Cess.
The revenue collected in December relates to transactions made in November.
The GST collections had breached the Rs 1-lakh crore-mark in October (for September) when it stood at Rs 1,00,710 crore, after which it slid to Rs 97,637 crore in November (for October).
The revenue collection is expected to slide further in coming months as the GST Council in its December 22 meeting decided to cut tax on 17 items and six services including computer monitors, TV screens, video games, lithium-ion power banks, retreaded tyres, wheelchairs and cinema tickets.
Finance Minister Arun Jaitley had said after the meeting that the tax cuts would have a revenue impact of Rs 5,500 crore for the full fiscal. The new reduced rates come into effect from Tuesday.
"The government has settled Rs 18,409 crore to CGST and Rs 14,793 crore to SGST from IGST as regular settlement. Further, Rs 18,000 crore has been settled from the balance IGST available with the Centre on provisional basis in the ratio of 50:50 between the Centre and the states," a Finance Ministry statement said.
"The total revenue earned by the Central government and the state governments after regular settlement in the month of December is Rs 43,851 crore for CGST and Rs 46,252 crore for the SGST," it added.
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