GST collections hit Rs 92,283 crore in July: Arun Jaitley

Of the tax collected, Jaitley said, Rs 14,894 crore have come in as Central GST, Rs 22,722 crore as State GST and Rs 47,469 crore as Integrated GST, which is levied on inter-state movement of goods and imports

By: PTI | New Delhi | Published: August 29, 2017 7:45 pm
GST collections, GST, Arun Jaitley, July GST Collection, GST Collection July, Arun Jaitley GST, Arun Jaitley GST Collection, Business News, Latest Business News, Indian Express, Indian Express News Arun Jaitley (PTI Photo)

India’s maiden GST collections hit Rs 92,283 crore in July, surpassing the target, Finance Minister Arun Jaitley said today. 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, he said.

Of the tax collected, Jaitley said, Rs 14,894 crore have come in as Central GST, Rs 22,722 crore as State GST and Rs 47,469 crore as Integrated GST, which is levied on inter-state movement of goods and imports. Out of the IGST collection, Rs 20,964 crore have been on account of imports, he said, adding that Rs 7,198 crore have come in from cess imposed on demerit goods.

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, he said.

“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. 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. 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.

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  1. Barb Dewyre
    Aug 29, 2017 at 10:22 pm
    Jaitley, we have the richest civic bodies in Mumbai, yet, every year when it rains, citizens are left st ed. You claim that we ave collected unprecedented taxes this year, yet, our state health system cannot provide even the basic care to our children. You claim that you have unearthed tons of black money, yet, whenever your prime minister has a bright idea like girl education or promoting cleanliness, we are stuck with a cess. Your streets are full potholes, your petrol prices are higher today as compared the days when the crude was Rs 140 a barrel. Why the f--k should we pay you taxes? Either you are incompetent or you are as corrupt as any other government.
    1. M
      Aug 29, 2017 at 11:22 pm
      Before cussing Jaitley, check how much budget Mumbai is allocated. You should ask the BMC about it
    2. C
      C Sunil
      Aug 29, 2017 at 8:32 pm
      A "Box Office" hit!!! Many might have bought tickets in black market.
      1. A
        Aug 29, 2017 at 8:29 pm
        I find tht GST implementation needs to be made stringent across the board. Some shops are still using kuccha bills or not billing on single items. Some have adopted appropriate software to reflect billing for GST impacted items and those items which are GST free. Otdering food has become expensive. Ayurveda medication has also become expensive. And FAQs need to be simplified for the average person. Too voluminous ti read even for the educated.
        1. F
          Aug 29, 2017 at 8:27 pm
          common man pockets are drained to the maximum by GST( WHO LIVE HAND TO MOUTH)
          1. Murthy Suppusamy
            Aug 29, 2017 at 8:11 pm
            However, the tax collection does not include the Trans(Input for July) Tax Credit. No one knows how much Transitional Tax Credit could be. The Trans Tax Credit could be in the range of 5 -10 . By mid Sep, the Trans Tax Credit numbers could be expected to be in public domain. I wish the Story Teller added this, to make the Story a Whole Truth.
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