Complete information on GST Collection March 2018
GST Collection March 2018 :
Goods Service Tax (GST) is an Indirect Tax which has replaced many Indirect Taxes in India. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017. The Act came into effect on 1st July 2017.
Through this article you will get to know the GST collection March 2018 and GST revenue collection for February 2018. You will also get the information on Monthly GST collection figures for August 2017 to March 2018.
GST revenue collections for February 2018
Total Revenue Collection under GST : The last date for filing of GSTR 3B return for the month of February 2018 was 20th March 2018. The total revenue received under GST for the month of February 2018(received in February/March upto 26th March) is Rs. 85,174 crores.
1.05 crore taxpayers have been registered under GST so far till 25th March, 2018. Out of these, 18.17 lakh are composition dealers which are required to file returns every quarter and the rest of 86.37 lakh taxpayers are required to file monthly returns.
59.51 lakh GSTR 3B returns have been filed for the month of February, 2018 till 25th March, 2018.
This is 69 percent of total taxpayers which are required to file monthly returns.
Revenue of States: Of the Rs. 85,174 crores collected under GST for the month of March, 2018 (upto 26thMarch), Rs. 14,945 crores have been collected as CGST, Rs. 20,456 crores has been collected as SGST, Rs. 42,456 crores has been collected as IGST and Rs. 7,317 crores has been collected as Compensation cess. Further, Rs. 12,140 crores is being transferred from IGST to CGST account and Rs. 13,424 crores is being transferred from IGST to SGST account by way of settlement of funds on account of cross utilization of IGST credit for payment of CGST and SGST respectively or due to inter State B2C transactions. Thus, a total amount of Rs. 25,564 crores is being transferred from IGST to CGST/SGST account by way of settlement. Thus, the total collection of CGST and SGST for the month of March, 2018 (upto 26th March) is Rs. 27,085 crores and Rs. 33,880 crores respectively, including transfers by way of settlement.
Monthly GST collection figures for August 2017 to March 2018
Final Monthly collection figures of GST Collection March 2018
GST Collection March 2018 : The revenue collection figures under GST including CGST, SGST, IGST and cess for the period July 2017 – February 2018 paid in the period July 2017 – March 2018 is as follows:
(Figures in Rs. Crores)
Besides the above Rs. 27,811 crores were collected as IGST and cess on imports in the month of March. Every month the Department of Revenue released figures for revenue collection under GST which were released usually the day next to the day when settlement of IGST was done. The figures were normally released between 24th-26th of the month. The above figures are month end figures for collection under GST.
Conclusion on GST Collection March 2018
Here in this article we have discussed the following points.
- GST Collection March 2018
- GST revenue collections for February 2018
- Monthly GST collection figures for August 2017 to March 2018
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