A majority of auto dealers purchase vehicles from OEMs on IGST and sell it to the end customers on SGST which they will not be able to set off by utilising the existing credits as according to the new law the IGST has to be used first for setting off tax liability, followed by
CGST and the remaining for SGST.
The government has settled Rs 18,344 crore to
CGST and Rs 14,677 crore to SGST from IGST as the regular settlement.
The ministry further said that Rs 11,327 crore is being transferred from IGST to
CGST account, and Rs 13,479 crore to SGST account by way of settlement of funds on account of cross utilisation of IGST credit for payment of
CGST and SGST respectively or due to inter-State B2C transactions.
New Delhi [India], Jan 1 ( ANI ): India's total gross Goods and Services Tax (GST) revenue collection in December month of 2018 was pegged at Rs 94,726 crore of which Central GST (
CGST) is Rs 16,442 crore, State GST (SGST) Rs 22,459 crore, Integrated GST (IGST) Rs 47,936 crore (including Rs 23,635 crore collected from imports) and cess Rs 7,888 crore, including Rs 838 crore collected from imports).
Thus, the total collection of
CGST and SGST for the month of December, 2017 (up to December 25) is Rs 23,437 crore and Rs 33,138 crore, respectively.
12,140 crores is being transferred from IGST to
CGST account and Rs.
10,348 crores is being transferred from IGST to
CGST account.
The major reason for the gap in income of
CGST and SGST is increased
CGST liability that has been discharged using transition credit rather than by way of cash.