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Minimal drop in February GST numbers, collects 85,174 Cr

New Delhi: During the month of February 2018, the total revenue received under Goods and Services Tax (GST)  has been Rs. 85,174 crores, according to the Ministry of Finance.

This is 69 percent of total taxpayers which are required to file monthly returns.

Rs. 86,318 crore was collected as GST revenue for the month of January 2018.

Reportedly, 1.05 crore taxpayers have been registered under GST so far till 25th March 2018.

Out of these, 18.17 lakh are composition dealers which are required to file returns every quarter and the rest of 86.37 lakh taxpayers are required to file monthly returns.

Further, 59.51 lakh GSTR 3B returns have been filed for the month of February 2018 till March 25.

Of the Rs. 85,174 crores collected under GST for the month of March 2018 (up to March 26), Rs. 14,945 crores have been collected as Central Goods and Service Tax (CGST), Rs. 20,456 crores have been collected as State Goods and Services Tax (SGST), Rs. 42,456 crores have been collected as Integrated Goods and Service Tax (IGST) and Rs. 7,317 crores have been collected as compensation cess.

Further, Rs. 12,140 crores are being transferred from IGST to CGST account and Rs. 13,424 crores are being transferred from IGST to SGST account by way of settlement of funds on account of cross utilisation of IGST credit for payment of CGST and SGSTrespectively or due to interstate B2C transactions.

Thus, a total amount of Rs. 25,564 crores are being transferred from IGST to CGST/SGSTaccount by way of settlement.

The total collection of CGST and SGST for the month of March 2018 (up to March 26) is Rs. 27,085 crores and Rs. 33,880 crores respectively, including transfers by way of settlement. 

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