The first filing of new Goods and Service Taxes (GST) returns created a bumper start surpassing the target in the month July. Finance Minister, Arun Jaitley said the tax collection for July where new GST regime implemented across the country has exceeded the target extrapolated in the Annual Budget.
Arun Jaitley said, so far the GST collections exceeded Rs 92,282 crore and the numbers are likely to go up when the entire tax payers file returns. Until now, 38.38 lakh taxpayers have registered in July and filed returns. As per registration, 59.57 lakh businesses should file returns in July. Jaitley added, 64.42% tax payers paid Rs 92,283 crore so far in July.
Of the collection, Central GST (CGST) has collected Rs 14,894 crore, the State GST (SGST) collected Rs 22,722 and Integrated GST (IGST) earned Rs 47,469, out of which Rs 20,964 have been accounted to imports and Rs 7,198 crore is collected on compensation cess imposed on demerit goods.
Analysing the targets made in the Annual Budget, the central governments July’s should be Rs 48,000 crore, and that of the state is Rs 43,000 crore. The combined target of the Centre and State should be Rs 91,000 crore, Jaitley said. While addressing the media, he said, “We have exceeded the target.”
So far, 72.23 lakh taxpayers have already shifted to the new Goods and Service Tax regime. Out of them, 58.53 lakh have completed all the formalities. The deadline for filing first monthly returns and tax payments under GST ended on August 25th. However, the deadline was extended due to heavy load on the systems until August 28th. Jaitley said that late payment is allowed by paying a penalty Rs 100 per day on Central GST and an equivalent amount on State-GST.