Marginal dip in February GST numbers, collection up to March 26 at Rs 85,174 crore

The Economic Times By PTI Mar 27, 2018, 11.31 PM IST

GST revenue: Collections dip marginally to Rs 85,174 cr in February

NEW DELHI: The goods and services tax (GST) collections dipped marginally for February to Rs 85,174 crore, with only 69% filing returns as on March 26.

The collection for January was Rs 88,929 crore at the last count.

The last date for filing GST returns is 20th of the successive months, but a significant number are still not filing by then. The total number of those registered for GST is now 1.05 crore.

The total collection for January was Rs 86,314 as on February 25, with only 69% filing returns. This suggests a similar rise in collections for February when more returns are filed.

GST collections had hit a peak of Rs 95,132 crore for September.

“Around 59.51lakh GSTR 3B returns were filed for the month of February till March 25. This is 69% of total taxpayers who are required to file monthly returns,” the finance ministry said in a statement.

“The total revenue received under GST for the month of February 2018 (received up to March 26) has been `85,174 crore,” it said.

Of the Rs 85,174 crore collected as GST for the month of February, Rs 14,945 crore was Central GST, Rs 20,456 crore State GST, Rs 42,456 crore Integrated GST and Rs 7,317 crore compensation cess. A total amount of Rs 25,564 crore is being transferred from IGST to CGST/SGST account by way of settlement. “Thus, the total collection of CGST and SGST up to 26th March (for February) is Rs 27,085 crore and Rs 33,880 crore respectively, including transfers by way of settlement,” the ministry said.

As on March 25 1.05 crore taxpayers have been registered under GST – 18.17 lakh composition dealers, who are required to file returns every quarter, and the rest 86.37 lakh taxpayers, who are required to file monthly returns.

CLARIFICATIONS ON JOB WORKERS

The government has clarified that a job worker is required to register for GST only in cases where his aggregate national turnover in a financial year exceeds Rs 20 lakh.

This has particular relevance for the automobile sector, where the principal manufacturer provides moulds and dies, jigs and fixtures, or tools to the job worker for use in manufacturing process.

The government has clarified that value of these supplies will be included in the job work services rendered by the job worker.

“The circular clarifies that the compliance burden for such transaction is primarily on the principal manufacturer, and not on the job worker,” said Pratik Jain, leader indirect tax, PwC, adding that it settled many issues raised by the industry.

About UsAbout Us

Incorporated in year 2000, our journey began and progressed with providing Software Solutions for ‘e’ Compliances Read More...

Contact UsContact Us

Office- 110-114, 1st Floor Rattan Jyoti
Building 18, Rajendra Place, New Delhi-110008

(011) 45054050
We feel happy to talk

contact@webtel.in / contact@gstinindia.in
Write Your Message

Copyright 2016 © gstinindia.in | All Rights Reserved

E-Way Bill Automation
in Tally.
Click Here
×
E-Way Bill Automation
in Tally.
Click Here
×