Reaction on GST Collection figures
Reacting on GST Collection figures Mr.Parag Mehta, Partner, N.A Shah Associates LLP, said, “GST Collections for February 2018 stands at Rs. 85,174 crores. Out of the said collection Rs. 14,945 crores is collected as CGST, Rs. 20,456 crores is collected as SGST; Rs. 42,456 crores is collected as IGST and balance Rs. 7,317 crores is collected as Compensation crores. The collection may be a bit lower than provisional figures of January due to rationalization of GST rates for various categories of goods and Services in the month of January 2018. The reduction was expected but same should stabilise. Further with introduction of e-way bill from 1st April, 2018 onwards it is expected that compliance level will improve further and collections will improve. The collections have reduced as compared to collections July Rs 94,063 crore, August Rs 90,669 crore & September at Rs 92,150. The same may be due to utilisation of Transitional credits utilised by various assesses.
With the GSTN systems being stabilised to a large extent and compliance level increasing the collections are bound to improve in the first quarter of next fiscal year. Further with authorities analysing the GST data to determine sectors or areas not paying proper taxes the GST collections are bound to increase”.
This article was originally published in City Air News. Read the article here.