Skip to main content

GST collections rise to Rs 92,150 cr in September

GST collections rise to Rs 92,150 cr in September
Collections under the goods and services tax (GST) rose by Rs 1,481 crore to Rs 92,150 crore in September against Rs 90,669 crore in the previous month.However, these were marginally lower by Rs 133 crore than Rs 92,283 crore in July.Little over 50 per cent of the assessees filed summary returns for September.

Of eight million assessees, 4.29 million filed GSTR3B. As many as 3.94 million had filed GSTR 3B by Friday, the deadline for September filing.To enable late filing, the authorities have waived late fee for August and September.For the first three months, the Centre and states collected around Rs 2.75 lakh crore, slightly more than the targeted tax collections of Rs 2.73 lakh crore.

 The target has been taken from the Union budget estimates for 2017-18, assuming 14 per cent growth in state revenue collections. The 14 per cent growth was taken, according to a formula of compensating loss-making states.This would give Rs 48,000 crore for the Centre collections and Rs 43,000 crore to the states or, in other words, Rs 91,000 crore for both in a month.

Finance minister Arun Jaitley said, “The first three months is the transition phase and the pattern is yet to emerge. We are seeing Rs 93000-94000 crore monthly collections. That has been consistently maintained,” he added. Abhishek A Rastogi of Khaitan & Co. said these numbers would certainly increase in the months to come as the compliance level would improve further.Broader assessment of the collections reveals that cess collections were the highest in September in the first quarter (see chart). This could be due to an increase in cess in luxury cars and SUVs than any increase in sales.

The IGST collections were also the highest in September. This is surprising since the IGST paid in earlier months could be used for payment in September. Of Rs 48,948 crore of the IGST, Rs 23,951 crore came from imports in September, also the highest in these three months. This is also a bit perplexing since imports rose 18 per cent in September against 21 per cent in August. The government has relaxed IGST rules from October, giving relief to mercantile exporters from paying the IGST. On the other hand, the CGST collections were the least in September in the first quarter, while the SGST mop-up was higher in September than August but lower than July.

In view of the difficulties being faced during the return filing process and in order to further facilitate taxpayers, the authorities waived the late fee on filing of GSTR-3B for the months of August and September, 2017. The necessary software changes are being carried out in the IT system.Electronic cash ledger of the taxpayers who have already paid the late fee on filing of GSTR-3B either for the month of August or September, or those who pay such fee before the necessary changes are carried out in the IT system, will be credited with the amount of late fee so paid be them.
The Business Standard, New Delhi, 25th October 2017

Comments

Popular posts from this blog

Budget: Startup sector gets new Fund of Funds, FM to allocate Rs 10K cr

  The Indian startup sector received a boost with Finance Minister Nirmala Sitharaman announcing the establishment of a new fund of funds (FoF) in the Budget 2025. The minister unveiled a fresh FoF with an expanded scope, allocating Rs 10,000 crore. The initial fund of funds announced by the government with an investment of Rs 10,000 crore successfully catalysed commitments worth Rs 91,000 crore, the minister said.   “The renewal of the Rs 10,000 crore commitment to the Fund of Funds for alternative investment funds (AIFs) is a significant step forward for the Indian startup and investment ecosystem. The initial Rs 10,000 crore commitment catalysed Rs 91,000 crore in investments, and I fully expect this fresh infusion to attract an additional Rs 1 lakh to Rs 1.5 lakh crore in capital,” said Anirudh Damani, managing partner, Artha Venture Funds.   Damani further added that this initiative will provide much-needed growth capital to early-stage startups, further strengthenin...

After RBI rate cut, check latest home loan interest rates of top banks for loans above Rs 75 lakh

  The Reserve Bank of India (RBI) has reduced the repo rate by 25 basis points from 6.50% to 6.25% in its monetary policy review as announced on February 7, 2025. After the RBI repo rate cut, banks such as SBI, Canara Bank, PNB, and Union Bank among others have cut their repo linked lending rates. Most other banks are also expected to cut their lending rates in line with the RBI rate cut. After banks cut their lending rates, their home loan borrowers will have to pay less interest. Normally, when a lender cuts the lending rate, borrowers get two options: Either to go for a reduction in EMIs or reduce the tenure of the loan. The second option will help the borrowers clear their home loan outstanding faster. In case, the borrower goes for reduction in EMI then the lower lending rate of the lender would mean lower Equated Monthly Installment (EMI) for borrowers.   EMI is the amount you will pay on a specific date each month till the loan is repaid in full.A repo rate-linked home ...

GST collections rise 9.9% to exceed Rs 1.96 trillion in March 2025

  Gross GST collection in March grew 9.9 per cent to over Rs 1.96 lakh crore, government data showed on Tuesday. GST revenue from domestic transactions rose 8.8 per cent to Rs 1.49 lakh crore, while revenue from imported goods was higher 13.56 per cent to Rs 46,919 crore. Total refunds during March rose 41 per cent to Rs 19,615 crore. After adjusting refunds, net GST revenue stood at over Rs 1.76 lakh crore in March 2025, a 7.3 per cent growth over the year-ago period.       - Business Standard 02 th March, 2025