Revenue collection from Goods and Services Tax (GST) for the month of November slipped further to Rs 80,808 crore, lowest since the implementation of the indirect tax system from July 1.

The dip in revenue collection was mainly due to a decline in overall incidence of taxes on most commodities, especially after the apex decision making body of the new tax system — GST Council — cut rates of more than 200 items in its 23rd meeting in Guwahati.

The revenue numbers for November indicate tax collection as on December 25. Till now, 99.01 lakh taxpayers have been registered under the new indirect tax system, out of which 53.06 lakh returns have been filed for November, while 16.60 lakh are composition dealers who file returns every quarter.

As per data available, government had garnered revenue worth Rs 83,364 crore in October (as on November 27), Rs 92,150 crore for the month of September (as on October 23), Rs 90,669 crore for August (as on September 27) and Rs 94,063 crore in July (as on September 25).

According to a tax expert Pratik Jain, dip in collection in revenue for November was expected as rates of more than 175 items were reduced from November 15 and refunds to exporters started recently.

“Of the Rs 80,808 cr collected under GST for the month of November, 2017, Rs 13,089 cr have been collected as CGST (Central GST), Rs 18,650 cr has been collected as SGST (State GST), Rs 41,270 cr has been collected as IGST (Integrated GST) and Rs 7,798 cr has been collected as compensation cess,” the finance ministry said in a statement.

A total amount of Rs 24,836 cr has been transferred to the Centre and states from IGST on account of cross utilisation of credit for payment of CGST and SGST due to inter-state B2C transactions, the statement said.

“Thus, the total collection of CGST and SGST for the month of November, 2017 (upto 25th December) is Rs 23,437 cr and Rs 33,138 cr respectively, including transfers by way of settlement,” it said.

Last month, the finance ministry had said in a statement that tax compliance may not be up to the mark as key features of GST, such as invoice matching, e-way bills, as well as reverse charge mechanism have been postponed. #casansaar (Source - MoneyControl)