Industry

GST collection in February at ₹ 85,174 cr.

CHENNAI: The total collection under GST (goods and services tax) during the month of February stood at ₹ 85,174 crore.

These were received in February and up to March 26, said a release.

The last date for filing of GSTR 3B return for the month of February was March 20.

Around 1.05 crore taxpayers have been registered under GST so far till March 25, 2018. Out of these, 18.17 lakh are composition dealers, who are required to file returns every quarter. The rest are required to file monthly returns.

Of the ₹ 85,174 crore collected under GST for the month of March, 2018 (up to 26thMarch), ₹ 14,945 crore have been collected as CGST, ₹ 20,456 crore as SGST, ₹ 42,456 crore as IGST and ₹ 7,317 as compensation cess, the release said.

Further, ₹ 12,140 crore are being transferred from IGST to CGST account and ₹ 13,424 crore 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, ₹25,564 crore are 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 (up to 26th March) is ₹27,085 crore and ₹ 33,880 crore, respectively, including transfers by way of settlement.

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Printable version | Nov 30, 2020 2:43:42 PM | https://www.thehindu.com/business/Industry/gst-collection-in-february-at-85174-cr/article23364226.ece

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