New Delhi, December 2: The total gross Goods and Services Tax (GST) revenue collected in the month of November 2018 was reported to be Rs. 97,637 crore, lower than what was anticipated by experts. Out of the total Rs. 97,637 crore, the Central Goods & Services Tax (CGST) is Rs. 16,812 crore, State Goods and Service Tax (SGST) is Rs. 23,070 crore while the Integrated Goods and Services Tax (IGST) is Rs. 49,726 crore. In October, GST revenues surpassed the Rs 1 lakh crore mark and hit Rs 1,00,710 crore.
According to government data, the total revenue collected through (IGST) which is Rs. 49,726 crore, includes Rs. 24,133 crore collected on imports and Cess calculated worth Rs. 8,031 crore (including Rs. 842crore collected on imports. The release states that the total number of GSTR 3B Returns filed for the month of October up to 30th November, 2018 is 69.6 lakh. GST Revenue Collection For April 2018 Exceeds Rs 1 Lakh Crore.
In its official release, the government stated that it has settled Rs. 18,262 crore to CGST and Rs. 15,704 crore to SGST from IGST as a regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of November, 2018 is Rs. 35,073 crore for CGST and Rs. 38,774 crore for the SGST.
According to details available, Rs. 11,922crore has been released to the states as GST compensation for the months of August-September, 2018. The chart shows trends in revenue during the current year.
In April, the nation's monthly goods and services tax (GST) collections had crossed Rs 1 lakh crore for the first time. In October again, the collections crossed Rs 1-lakh crore as compared to September's collection of Rs 94,442 crore.