GST collections dip to Rs 83,346 cr. in October

TIL Desk/Business/New Delhi/ GST collections slipped almost 10 per cent to Rs 83,346 crore in October as tax rates on several product were cut and teething troubles with the new regime pushed back implementation of key provisions.

As many as 50.1 lakh Goods and Services Tax (GST) returns filed for October resulted in a revenue of Rs 83,346 crore, down from over Rs 92,000 crore in the previous month, a finance ministry statement said.

It attributed the drop in collections to rates on several commodities being cut and tax administration being based on self-declaration as matching of returns, electronic transit permit system or e-way bill and reverse charging being postponed.

Also, there was additional tax inflow on inter-state movement of goods, called Integrated-GST or IGST, in the first three months while the actual credit being utilised only when final sale transaction taking place.

The GST, which was implemented from July 1, has subsumed over a dozen central and state levies including excise duty, service tax and VAT. The revenues collected are split between the Centre and states in a pre-decided formula.