The government of India, including Centre and States, have collected nearly Rs 92,283 crore from the Goods and Services Tax, the collection amount is the very first month after the new tax regime was implemented in the country, said Union Finance Minister Arun Jaitley. He further added that the amount is marginally higher than the expected of Rs 91,000 crore, including Rs 48,000 crore and Rs 43,000 for the Centre and for the states respectively. Finance Minister Arun Jaitley said on Tuesday, “We seem to be comfortable… The redline has been crossed in the first month itself” while speaking about the first set of data figures on tax collections after the implementation of the new regime. Experts said that the revenue collection under GST is encouraging the country.
Arun Jaitley told media reporters, “We have seen compliance rate of 64.42 per cent in July. 38.38 lakh people have filed returns as of 10 a.m. this morning out of 59.57 lakh registrants” . The revenue collection figures announced by the government recently pertains to the taxes – so far 38.38 lakh taxpayers have filed their first returns at GSTN portal. A total of 91.16 lakh businesses have registered under GST, whereas 72.33 lakh taxpayers migrated from the previous tax regime to the new tax regime, out of them 58.53 lakh taxpayer have accomplished all formalities and 18.83 lakh fresh registrations were enrolled on GSTN.
Obviously, the last dates for filing the taxes have left- 25th August for those who not availing input tax credit and 28th August for others. The government is expecting that remaining taxpayer will pay the taxes over coming days along with penalties. Jaitley said, “We expect a spillover in terms of compliance”, Jaitley said. The break- up of July revenue tax collection in the new tax regime as follows:- Central GST (CGST) is Rs 14,894 crore, State GST (SGST) is Rs 22,722 crore, Integrated GST (IGST) is Rs 47,469 crore ( including IGST on imports Rs Rs 20,964 crore) and compensation cesses Rs 7,198 crore.
Pratik Jain, partner and leader of indirect tax at PwC, said: “On the face of it, collection of over Rs 92,000 crore in the first month looks quite encouraging, given the fact that GST is still stabilising. It is also to be noted that only 64% of registered dealers have actually done the compliance and therefore the actual collection could go up in next few days.” The government has calculated the tax collection figures for the centre and the states by deducting the petroleum taxes, which plays significant role and are not the part of GST.
