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  Business   Economy  31 Aug 2017  GST pooled in Rs 92,283 crore in July

GST pooled in Rs 92,283 crore in July

THE ASIAN AGE.
Published : Aug 31, 2017, 12:10 am IST
Updated : Aug 31, 2017, 12:10 am IST

The deadline for filing first monthly return and payment of taxes under GST ended on August 25.

Finance Minister Arun Jaitley (Photo: PTI)
 Finance Minister Arun Jaitley (Photo: PTI)

New Delhi: Finance minister Arun Jaitley said on Tuesday that GST paid in July, the first month of the new indirect tax, hit Rs 92,283 crore surpassing the target. Goods and Services tax (GST) introduced July, replaced hosts of indirect taxes. 

The total Central GST revenue is Rs 14,894 crore,  state GST revenue is Rs 22,722 crore, IGST revenue is Rs 47,469 crore (of which IGST from imports is Rs 20,964 crore) and cess is Rs 7,198 crore (of which Rs 599 crore is compensation cess from imports). 

The deadline for filing first monthly return and payment of taxes under GST ended on August 25. However, businesses that availed of transitional credit were allowed to file returns till August 28 after paying taxes on self-assessment basis by August 25.

The tax mobilisation so far is from 64.4 per cent of the 59.57 lakh taxpayers registered with the new Goods and Services Tax (GST) and the number is likely to go up after all taxes are accounted for,  said Mr Jaitley.

The tax collection number would “somewhat increase” with more compliances, he added. Extrapolating the targets in the annual Budget, the central government’s July tax revenue should be Rs 48,000 crore and that of states Rs 43,000 crore. The total combined target of the two is Rs 91,000 crore.

“We have exceeded the target,” he said, adding that even if the compensation cess is kept away, the target will be surpassed when all tax payers file returns. Mr Jaitley said 38.3 lakh out of 59.57 lakh registered taxpayers have so far filed GST returns. So far, 72.33 lakh taxpayers have migrated to the new system. Of these 58.53 lakh have completed all the formalities.

Tags: arun jaitley, goods and services tax
Location: India, Delhi, New Delhi