News By/Courtesy: Himani Aggarwal | 27 Mar 2018 23:30pm IST

The tax collection has dropped down for the second month in a row for February. It was Rs. 863.2 billion in January which was also declined and for the month of February it is Rs. 851.7 billion. The revenue was not only declined but it has become the second lowest so far after November's collection which was Rs. 837.2 billion. The collection was lower than Rs.910 Billion which was the target at the time of introduction of GST.  Well, the returns have never reached to that figure until now. GST collection met the target only in the first three months of the roll-out — July, August and September. While the collections are for the month of February, these were paid till March 26. Only five days are left to pay the GST dues, after which 2017-18 would end. MS Mani, partner, Deloitte India, said: “It appears that GST collection is now entering the stabilisation phase, although the expected revenue garnering appears to be taking time. It would be logical to assume that significant amounts of transition credits availed of have been utilised, hence, the collections would progressively improve." Over 69 percent of the assessees filed returns in February, about the same as in January.  Aditi Nayar, principal economist, Icra, said: “The impending roll-out of the e-way bill is expected to improve GST collection.” In the GST collection, Rs 142.3 billion was on account of the SGST, Rs 437.9 billion came under the IGST, and Rs 83.3 billion was compensation cess. Further, Rs 113.3 billion is being transferred from the IGST to the central GST (CGST) account and Rs 134.8 billion to the SGST account. After factoring in this transfer, collection stood at Rs 255.6 billion under the CGST and Rs 334.4 billion under the SGST in February.

Section Editor: Krishna Srinivas V | 29 Mar 2018 11:25am IST

Tags : #OneTaxSystem

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