Govt gets ~42,000-cr tax in first filing under GST

As much as ~42,000 crore has come in as taxes so far in the first monthly filing under the goods and services tax (GST) regime and the revenues are expected to swell further, as the filing cycle closes later this week. An official said about ~15,000 crore had come in as Integrated GST, levied on inter-state movement of goods, and another ~5,000 crore by way of cess on demerit goods like cars and tobacco.

As much as ~42,000 crore has come in as taxes so far in the first monthly filing under the new goods and services tax (GST) regime, and the revenues are expected to swell further as the filing cycle closes later this week.

A senior official said that about ~15,000 crore has come in as Integrated GST, which is levied on inter-state movement of goods, and another ~5,000 crore by way of cess on demerit goods like cars and tobacco.

The remaining ~22,000 crore has come in as Central GST and State GST, which would be split equally between the Union and state governments.

"Tax deposited till this morning was ~42,000 crore," the official said. So far, one million taxpayers have filed returns and another two million have logged in and saved return forms. "We are seeing good compliance and our estimation is that 90-95 per cent of the assesses will file returns and pay taxes," he said.

Under the GST regime, which was implemented from July 1, businesses are expected to file the monthly tax return. Tax for the first month is to be filed by an extended deadline of August 25. The deadline was extended as the tax return filing website snapped just a day before the due date ended on August 20. GST unifies more than a dozen central and state levies including excise duty, service tax and VAT, and the revenue generated is to be split equally between the Centre and states.