About ₹92,283 crore came in from 64.4% of
taxpayers
Revenue collections from the Goods and Services Tax (GST)
‘technically exceeded’ the government’s target in its first month, with as much
as ₹92,283 crore flowing to the exchequer from just 64.4% of taxpayers who were
eligible to pay taxes in July and had filed returns by Tuesday morning, Finance
Minister said.
“Not many had thought the red line (of adequate revenue
following the transition to GST) would be crossed in the first month itself… A
more efficient tax system checks evasion,” FM pointed out, before emphasising
that if this trend continued for the year, the government would be comfortable
on the revenue front.
The last date for filing the first GST returns for July
and paying taxes was August 25, while it was August 28 for those who wanted to
avail transitional credits.
“If we exclude taxpayers who have registered with the GST
Network in August and those who have opted for composition, the total number of
tax payers required to file returns for July is 59.57 lakh, of which 38.38 lakh
have filed returns,” the finance, corporate affairs and defence minister said.
Total revenue received from GST for July is ₹92,283
crore, with central GST revenue of ₹14,894 crore, State GST receipts of ₹22,722
crore and Integrated GST receipts at ₹47, 469 crore. Cess receipts, including
compensation cess from imports, came to ₹7,198 crore.
‘Target of ₹91,000 crore’
When asked if he was satisfied with the inflows from GST,
the minister said as per the Budget’s projections for indirect tax revenue, the
Centre’s target for July was about ₹48,000 crore and the overall target for
States, assuming a 14% annual growth from their 2015-16 revenues, was about
₹43,000 crore. Together, the revenue target was ₹91,000 crore, which has been
surpassed.
The minister also said cess collections were to be
deducted from the ₹92,283 crore figure as it was earmarked for compensation to
States for loss of revenue.
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From Sources:-
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