For the month of November, Goods and Services Tax (GST) Collection has gone down to Rs. 80,808 crore. This is the lowest since the introduction of the new regime in July. While the number of registered taxpayer has increased to 99 Lakh, compared to around 80 lakh pre-GST.

The downfall of GST collection is also continuing in December. Though the reason may be the attributed to lowering of rates in mid – November.

While trimming the GST rates on several goods, which were earlier in the top bracket of 28%, the Centre and States had budgeted for an annual hit of Rs. 20,000 crore.

With respect to the falling trend, the government may slow down refunds. “The right number will be reflected in the last quarter of 2017-18 or may be the first quarter of the next financial year.

It is expected that the revenue will be back on track once the compliance improves. It should be noted that refunds to a very substantial extent have not been processed.

The government suggested that the revenue could go up as 53 lakh returns had been filed so far and there were another 16.6 lakh taxpayers under the composition scheme.

Source: Times of India