Exceeding the July target, the Government mopped up Rs 92,283 crore as Goods and Services Tax (GST) in the same month, Finance Minister Arun Jaitley said on Tuesday.
The Finance Minister said that little more than 64 per cent eligible tax payers had complied so far, taking the total number of migrated tax payers of 72.33 lakh. “Out of these those who have filled the forms are 58.53 lakh. The rest are yet to fulfill the formalities and the number is likely to go up after all taxes are accounted for,” Jaitley said.
The last date for the first filing under GST was August 25. Of the tax collected, Jaitley, however, 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 and 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.
As far as the India’s budgetary estimation target is concerned, 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 and even if the compensation cess is kept away, the target will be surpassed when all tax payers file returns,” the Finance Minister said.
Jaitley further 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,” he said.
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.