New Delhi, December 26: The Ministry of Finance on Tuesday evening confirmed that the total tax collection under the newly introduced Goods and Services Tax (GST) for the month of December 2017 has been Rs 80,808 crores till December 25th, 2017. Also Read - GST Revenues Cross Trillion Mark For 2nd Straight Month at Over Rs 1.04 Lakh Crore in November
The Finance Ministry also clarified that the total amount collected in December, Rs 13,089 crores has been collected as Central Goods and Services Tax (CGST), Rs 18,650 crores has been collected as State Goods and Services Tax (SGST), Rs 7,798 crores has been collected as compensation cess and Rs. 41,270 crores has been collected as Integrated Goods and Services Tax (IGST). Also Read - Mumbai: Germany Extends 545 Million Euro Funding To MMRDA Infra Projects
The Finance Ministry in its press release further stated that Rs 10,348 crores is being transferred from IGST to CGST account. Also Read - GST Collections in Oct May Cross Rs 1 Lakh Crore Mark For First Time in FY21
Moreover, Rs 14,488 crores is also being transferred from IGST to SGST account by way of settlement of funds due to cross utilisation of IGST credit for payment of CGST and SGST respectively.
This means a total amount of Rs 24,836 crores is being transferred from IGST to CGST/SGST account by way of settlement.
According to a report, the total collection of CGST and SGST for December 2017 (upto 25th December) is R. 23,437 crores and Rs. 33,138 crores respectively. This figure also includes transfers by way of settlement.
Experts believe that the dip in revenue collection was due to various factors including the decline in the overall incidence of taxes on most commodities, especially after the GST Council tax of more than 200 items in its 23rd meeting in Guwahati.
As per the data available, GST collections in July was over Rs 95,000 crore, while in August the figure was over Rs 91,000 crore.
In September, it was over Rs 92,150 crore and in October it was over Rs 83,000 crore.