GST Collection crosses â‚¹94,000 Crores in December 2018
The nation has indeed attained remarkable success in the introductory year of the GST regime. Once again it has been proved that the Goods & Service Tax policy has enabled our government to achieve the desired level of fiscal consolidation.
The gross total GST revenue collection has reached above â‚¹94.7 crores in the month of December 2018.
This is indeed a piece of great news for all the taxpayers having GST registration after the government introduced huge reductions in GST rates on various goods & services in the 31st GST council meeting.
#1. How much is the total GST revenue collection in December 2018?
The total GST revenue collection for the month of December 2018 is â‚¹94,726 crores. Out of this amount,
- The portion under CGST = â‚¹16,442 crore,
- The portion under SGST = â‚¹22,459 crore,
- The portion under IGST = â‚¹47,936 crore, &
- Cess of â‚¹7,888 crore (including â‚¹838 crores collected on imports).
The amount under IGST also includes a portion of GST collection from imports, which amounts to â‚¹23,635 crores.
#2. How much has the GST compliance enhanced?
There is no doubt that in recent months, the level of GST compliance and the tax buoyancy has risen significantly.
- Even those tax assessees who have GST registration under the composition scheme have duly paid GST and have fulfilled the quarterly GST return filing procedure.
- As a matter of fact, the total number of GSTR-3B Returns filed for the month of November till 31st December 2018 has been 72.44 lakhs.
Given below is the chart showing the comparison in GST revenue during the current fiscal year.
Here, we also see that the GST revenue has twice hit the trillion mark in the months of April & October 2018 respectively.
#3. How will the government utilize this revenue?
The government has disclosed how it will allot this GST revenue collection for various purposes.
- It has settled â‚¹18,409 crore to CGST and
- â‚¹14,793 crore to SGST from IGST as a regular settlement.
- Furthermore, â‚¹18,000 crore has been settled from the balance of IGST that will be available with the Centre on a provisional basis in the 50:50 proportion between Centre & States.
Thus, the total revenue earned by Central and State Governments in the month of December 2018, after the regular settlement is â‚¹43,851 crore as CGST and â‚¹46,252 crore as SGST.
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