GST collections slow down in August to Rs 90,669 crore

About 45% of taxpayers yet to file returns

LATEST NEWS :  The government gathered Rs 90,669 crore Goods and services tax (GST) for August, a little decrease than the Rs 94,063 crore accumulated in July. that is additionally decrease than the Rs 91,000 crore which need to have come to the Centre and states in a month, given the finances Estimates and assumed increase costs in receipts for 2017-18.

Only 55 according to cent of assessees paid taxes for August, in comparison to 64 per cent for July.

However, the figures should be compared cautiously. approximately Rs 92,283 crore GST became gathered for July until August 29, whilst Rs 90,669 crore turned into garnered till September 25. consequently, increase in collections changed into flat in August, in comparison to July. As tons as Rs 94,063 crore changed into paid till August 31.

Approximately Rs 14,402 crore came from the principal GST (CGST) in August, towards Rs 14,894 crore in July (paid till August 29); Rs 21,067 from country GST (SGST), against Rs 22,722 crore in the preceding month; and Rs 47,377 crore from incorporated GST (IGST), as compared to Rs 47,469 crore in July. Of the IGST, Rs 23,180 crore came from tax on imports, towards Rs 20,964 crore in July, in step with figures launched by means of the finance ministry. The cess over the height fee of 28 in keeping with cent garnered Rs 7,823 crore in August, from Rs 7,198 crore in July. Of the August quantity, Rs 547 crore came from cess on imports. The cess will be used to pay states who suffer losses due to the GST. 

Taking a wide examine the numbers, it's far clean that two figures — the IGST on imports and cess collections were better in August. this indicates imports in the month had been better than in July, and objects that draw cess, together with aerated liquids, cigarettes, vehicles, and coal, had been bought more, as a minimum in cost terms.

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