GST collections fall over 9% in October
Data put out by the government said GST collections fell to Rs 83,346 crore in October from over Rs 90,000 crore in each of the first three months since the tax was rolled out on July 1
GST collections fell over 9% in the month of October.
Data put out by the government said GST collections fell to Rs 83,346 crore in October from over Rs 90,000 crore in each of the first three months since the tax was rolled out on July 1.
A finance ministry statement said the lower collections were because of the release of state and central GST from integrated GST (IGST), GST rate cuts, and the payment of GST based on self-declared tax returns.
News reports quoted industry sources as saying GST taxpayers may have expected the rate cuts and could therefore have "staggered" despatches to take advantage of the cuts.
GST collectionsdate released by the government on Monday revealed that 95.9 lakh taxpayers had registered under GST till now and 50.1 lakh had filed returns in October till November 26, while 15.1 lakh were composition dealers who have been allowed to file returns on a quarterly basis.