New Delhi, Dec. 1 (PTI): Goods and Services (GST) collection in November dropped to INR 97,637 crore, lower than INR 1 lakh crore collected previous month.
The total number of GSTR 3B returns filed for October up to November 30, 2018, is 69.6 lakh, the finance ministry said in a statement. Compensation released to states for August-September stood at INR 11,922 crore.
Of the INR 97,637 crore collected, central GST (CGST) collection is INR 16,812 crore, state GST (SGST) is INR 23,070 crore, integrated GST (IGST) is INR 49,726 crore (including INR 24,133 crore collected on imports) and cess is INR 8,031 crore (including INR 842 crore collected on imports).
The government has settled INR 18,262 crore to CGST and INR 15,704 crore to SGST from IGST as regular settlement.
The total revenue earned by central government and the state governments after regular settlement in November 2018 is INR 35,073 crore for CGST and INR 38,774 crore for SGST, the ministry added.
The GST collections stood at INR 1.03 lakh crore in April, INR 94,016 crore in May, INR 95,610 crore in June, INR 96,483 crore in July, INR 93,960 crore in August, INR 94,442 crore in September and RIN 1,00,710 crore in October.
Commenting of the number, EY Tax Partner Abhishek Jain said, While the GST collections have shrinked vis-a-vis the earlier month, it is higher than the average monthly collection in the year. This steady increase in average collection brings a gleam of hope for a regular monthly collection of INR 1 lakh crore being met soon.
