1. Revenue buoyancy improves as GST collection touches four-month high at Rs 95,000 crore in October

Revenue buoyancy improves as GST collection touches four-month high at Rs 95,000 crore in October

The GST collection for the month of October touches a four-month high at Rs 95,000 crore, and with that, the revenue shortfall of states have also gone down to 17.6% from previous month's 28.4%.

By: | Updated: November 21, 2017 6:26 PM
GST, GST returns, GSTN, GST network, GST regime, ajay bhushan pandey, GSTN chariman, The GST collection for the month of October touches a four-month high at Rs 95,000 crore. (Image: PTI)

As India slowly adapts to the GST regime, with the government also making necessary changes to ease compliance, the collection for the month of October touches a four-month high at Rs 95,000 crore, and with that, the revenue shortfall of states have also gone down to 17.6% from previous month’s 28.4%.

The revenue collected under the Goods and Services Tax (GST) in October was Rs 95,131 crore and an average revenue shortfall of states has come down to 17.6%, Bihar deputy chief minister Sushil Modi said last week. In terms of Rupee, the revenue shortfall of all states has come down from Rs 12,208 crore in August to Rs 7,560 crore in October.

In September, the GST collection was Rs 93,141 crore. Meanwhile, the GST returns for the month October also touched a three-month high at 43.68 lakh, of which 14.76 lakh GSTR-3B was filed on the last day of filing. 42.91 lakh returns were filed through GSTR-3B in September.

The government expects filing of returns to increase in coming days with ease of compliance. In a massive bonanza, the GST Council on November 10 made a slew of recommendations to extend dates for filing the Goods and Services Returns (GSTR) in a bid to end businessmen’s woes.

Till March, businesses with a turnover of over Rs 1.5 crore will have to file only GSTR-1 or sales returns by 40th day of the end of the month. The timeline for the filing of initial returns GSTR-3B for all businesses has been extended to March, 2018 from December earlier.

Finance Minister Arun Jaitley had hinted at further GST rate cuts in future depending on “revenue buoyancy”, while hitting out at the opposition for linking last week’s decision to lower rates on 178 items with the upcoming Gujarat elections. “Within 4 months we have rationalised the 28 per cent slab. Such rationalisation (will happen in future) depending on revenue buoyancy will take place,” he had said.

The Finance Minister also acknowledged problems faced by traders and businessmen while filing returns on GST Network and said, “You only have to address software (issue with the filing of the tax return). I think there is already a net advantage in the medium and long-term, smooth and a larger market and revenue buoyancy.”

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