The state exchequer raked in more than Rs 92,000 crore in tax returns filed under the Goods and Services Tax (GST) for the month of July. The maiden tax collections under the uniform indirect tax regime have crossed the estimated target, said Finance Minister Arun Jaitley.
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, Jaitley said.
According to a Finance Ministry statement, tax returns filed for the first time under GST amount to a total of Rs 92,238 crore till 10:00 am on Tuesday. Out of this, Rs 14,894 crore was collected under Central GST head, whereas Rs 22,722 crore came in as State GST. Another Rs 47,469 crore was collected as Integrated GST, which is levied on movement of goods and services from one state to another. Out of the total IGST collection, Rs 20,964 crore was levied on imports. Rs 7,198 crore was paid by taxpayers as cess charged against demerit good, Jaitley added.
The number is likely to go up after all taxes are accounted for and the tax collection number would "somewhat increase" with more compliances, he further added. Jaitley commented that GST revenues will exceed the target when all taxpayers file returns, even without compensation cess being factored in.
Jaitley informed that these tax revenue figures are on account of 64.43 per cent of the total 59.57 lakh taxpayers registered with GST. This figure of registered taxpayers does not account for those who registered with GSTN in August and dealers under the composition scheme. So far, 38.3 lakh of the total number of taxpayers supposed to file GST returns for July, 2017.
So far, 72.33 lakh taxpayers have migrated to the new system. Of these 58.53 lakh have completed all the formalities. A nominal Rs 100 per day penalty is levied for late filing of Central-GST and a similar for State-GST tax.
The deadline for filing first monthly return and payment of taxes under GST - the new indirect tax regime that unifies over a dozen state and central taxes, including excise duty, service tax and VAT - 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.
(With PTI inputs)