Chinmaya IAS Academy – Current Affairs Chinmaya IAS Academy – Current Affairs
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Collections from the Goods and Services Tax (GST) in September increased marginally to Rs. 94,442 crore from the Rs. 93,690 crore collected in August. “The total gross GST revenue collected in the month of September 2018 is Rs. 94,442 crore of which CGST is Rs. 15,318 crore, SGST is Rs. 21,061 crore, IGST is Rs. 50,070 crore (including Rs. 25,308 crore collected on imports) and cess Rs. 7,993 crore (including Rs. 769 crore collected on imports),” the government said in a statement. “The total number of GSTR 3B returns filed for the month of August up to September 30, 2018 is 67 lakh.” The total revenue earned by the Central and the State governments after settlement in the month of September 2018 is Rs. 30,574 crore for CGST and Rs. 35,015 crore for the SGST, it said. Collection encouraging “The slight increase in collection despite rate cuts on several white goods products from end July is encouraging,” Pratik Jain, partner and leader, Indirect Tax, PwC India wrote in a note. “However, the monthly collections are now largely within a small range. Since September 30 is the last date for claiming credit for financial year ending March 2018, the quantum of credit might be much larger than previous months. Hence, the collection in October could get impacted.”
