Dashing the governme?nt hope of a spurt in revenue, GST collections slid for the second straight month to Rs 85,174 crore in February wi?th only 69 per cent of the assessees filing their returns.
On the decline, tax expe?r?ts said the budgeted number of GST collection in 2018-19 is much higher th?an the revenue collection tr?end. “While February is a sh?o?rter month, the governme?nt would pr?o?bably have hop?ed for better numbers,” said Pratik Jain, partn?er & leader (indirect tax), PwC India.
For February till March 25, 5.951 million GSTR 3B returns were filed. It’s 69 per cent of the total taxpayers required to file mon?t?hly retur?ns, a finance ministry statement said. “Total revenue received under GST for February (up to Ma?r?ch 26) has be?en Rs 85,174 crore,” it said.
The collection in January was Rs 86,318 crore, in December and November, Rs 88,929 crore and Rs 83,716 crore, respectively.
Of the total GST in Febr?u?ary, Rs 14,945 crore was collected as CGST and Rs 20,456cr as SGST. Rs 42,456 crore has be?en mopped up as IGST and Rs 7,317cr co?mpensation cess.
By way of settlement, Rs 25,564 crore is being transf?e?rred from IGST to CGST/ SGST account. “Thus, collection of CGST and SGST up to March 26 (for February) is Rs 27,085 crore and Rs 33,880 crore, respectively, including transfers by way of settlement,” it added.
The ministry pegged the number of taxpayers registered under GST at 1.05 crore as on March 25, 2018.
Suresh Nandlal Rohira, partner, Grant Thornton, sa?id although February collections may not look attractive than January, from an overall stand point, the governm?ent would still achieve aro?u?nd Rs 10 lakh crore annually.
“With the initiative on gr?oup of ministers formed for reverse charge mechanism and many other corrections, the revenue collection may increase over time in the new financial year,” he said.
As the e-way bill is set for April 1 launch, the collecti?on may improve in coming m?onths. Tax experts feel the collection for March would be higher on account of ye?ar -end accruals and sales push. GST collections were Rs 93,590cr in July, Rs 93,029cr in August, Rs 95,132cr in September and Rs 85,931cr in October.