GST collection in July exceeds target, more revenue expected
As per reports, in July i.e. the first month under the Goods and Services Tax (GST) regime, the government has raked a whopping Rs. 92,283 crore as revenue, exceeding the target that it had set for itself. The good news doesn't end here. More revenue is on its way, as 21.19 lakh taxpayers are yet to file their returns. Here's more about it.
Here are the numbers
Jaitley said on August 29 i.e. yesterday, "Till today morning, 38.38 lakh, which is 64.42% of eligible taxpayers have complied. If we take the total amount of GST that has come for July till 10 am on Tuesday, it is Rs. 92,283 crore." Those, who have not filed their returns yet, will now have to pay a penalty of Rs. 200 per day.
There's more to come
For July, after excluding August registrations and those under the Composition Scheme, 59.57 lakh taxpayers are expected to file their GST returns. Jaitley said, "This number will keep on increasing. As of today (August 29) there are 59.57 lakh people should have paid tax for July." The last day of filing was August 25 and for claiming transactional credit, it was August 28.
Beating expectations
For July, the estimated tax collection target of the Center was Rs. 48,000 crore and for the states, it was Rs. 43,000 crore. Jaitley mentioned, "We have already exceeded target with 64.42% taxpayers," something that many deemed was not possible. The center will compensate the states that didn't have revenue growth at the rate of 14%, under GST.
