Wednesday, August 30, 2017

GST revenue collections ‘technically exceed’ target...!!



 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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