GST Bussiness

GST Tax Collections information – July to November

GST tax collections for November has been the lowest of all the previous four months.The following are the month wise tax collection data (provisional in nature)

Month Tax Collected (in Crores)
July Rs. 94,063
August Rs. 90,669
September Rs. 92,150
October Rs. 83,346
November Rs. 80,808

Out of the 99 lakh registered tax payers, 53.04 lakh have filed their returns till December 25. Of the Rs. 80,808 crore collected in November, Rs. 7,798 crore has been garnered as compensation cess in November.

On 10 November, the GST Council chaired by finance minister Arun Jaitley slashed tax rates on a large number of daily-use items, including almost 180 items in the highest slab of 28%. These reductions alone are expected to result in a revenue loss compared to the other months.

Also, to curb further loss, the government has aggressively proposed implementation of e-Way bills from February 1, 2018. To know more about E-Way bills please visit E-Way Bill in GST Article