GST collections rise to Rs 92,150 crore in September
Collections under the goods and services tax (GST) rise 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 GSTR-3B. 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.