GST mop-up at Rs92,283 cr for July as over 64% file returns
30 August 2017
Revenue collections from the Goods and Services Tax (GST) for July, the first month of its roll-out, is estimated at Rs92,283 crore, as an extended deadline for filing tax returns ended on 28 August, provisional figures released by the finance ministry showed.
At Rs92,283 crore, GST realisations exceeded the Rs91,000 crore target set by the government for July. However, nearly 36 per cent of the assessees are yet to file returns.
As of 28 August 2017, 64.42 per cent of the 5.96 million assessees filed GST returns, finance minister Arun Jaitley said, adding, 'We have crossed the red line.'
The total revenue of GST paid under different heads up to 29 August 2017 stood at Rs92,283 crore. This includes central GST (CGST) collection of Rs14,894 crore, state GST (SGST) collection of Rs22,722 crore, integrated GST (IGST) collection of Rs47,469 crore (of which Rs20,964 crore formed IGST from imports) and Rs7,198 crore collected by way of cess (of which Rs599 crore being compensation cess from imports), figures released by the finance ministry on Tuesday showed.
IGST will be allocated between the CGST and the SGST to the extent that the same is used for payment of CGST / SGST. This exercise will be done based on the cross-utilisation report to be received from the GSTN.
Exact revenue figures of the central and the state governments, respectively, will be known after this exercise is complete before the end of this month.
Out of total 7.23 million taxpayers, 5.85 million taxpayers have completely migrated to the GSTN while 1.38 million taxpayers are yet to complete their procedural formalities to migrate to the GSTN. The number of new taxpayers who have registered with the GSTN up to 29 August 2017 (10 am) stood at 1.88 million.
Excluding taxpayers who have registered with the GSTN in August 2017 and the composition dealers, the total number of taxpayers who were required to file GST returns for July 2017 stood at 5.96 million, of which, as of 29 August 2017 (10 am), 3.84 million have filed returns, which is 64.42 per cent of the total number of returns, which are to be filed for the month of July 2017.
The Goods and Services Tax (GST) tax was introduced on 1 July 2017. The last date for payment of GST for the month of July 2017 was 25 August 2017. The last date for filing returns in cases, where the taxpayer wanted to avail transitional credit was 28 August 2017 and, in all other cases, it was 25 August, 2017.