Govt collects Rs.92,283 crore revenue from GST in July
The Dollar Business Bureau
The government has collected revenue worth Rs.92,283 crore in July from the India’s much hyped regime of Goods and Services Tax (GST), implemented from July 1.
Finance Minister Arun Jaitley said on Tuesday that around Rs.92,283 crore were collected from GST in July from just 64.42% of the overall taxpayer base.
So far, the collections from taxes are in excess of internal estimate done by the Finance Ministry of Rs.91,000 crore.
The collections for the month of July, when a unified GST regime was rolled out across the country, which subsumes more than a dozen central and state levies such as excise duty, VAT, service tax and, are expected to further increase when all the taxpayers file their returns.
“If we exclude the taxpayers who have registered with the GSTN in August 2017 and the composition dealers, total number of tax payers who were required to file the returns for July 2017 is 59.57 lakhs. Out of which, 38.38 lakh returns have been filed as on August 29 , which is 64.42% of the total number of returns, which are to be filed for the month of July 2017,” said a statement released by the Finance Ministry.
“The total revenue of GST paid under different heads up to August 29 is Rs.92,283 crore,” it said.
The total revenue from Central GST (CGST) is Rs.14,894 crore, whereas the revenue from State GST (SGST) is Rs.22,722 crore.
The collections by way Integrated GST (IGST) is Rs.47,469 crore, which include Rs.20,964 crore IGST from imports. The revenue from various cesses under the GST regime is Rs.7,198 crore including Rs.599 crore as compensation cess from imports.
“It may be mentioned that IGST will be allocated between the CGST and the SGST to the extent that the same is used for payment of CGST/SGST,” the statement said.
“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,” it added.
Out of overall 72.33 lakh taxpayers, 58.53 lakh taxpayers have entirely migrated to the GST Network (GSTN). However, 13.80 lakh taxpayers are still to finish their procedural formalities for migrating to the GSTN.
Up to August 29, 18.83 lakhs new taxpayers have registered themselves with the GSTN.