GST tar­get for July has been ex­ceeded: Jait­ley

38.38 lakh re­turns filed so far; more on the way, says Min­is­ter

The Hindu Business Line - - FRONT PAGE -

The govern­ment’s gam­ble with Goods and Ser­vices Tax (GST) seems to have paid off as the in­di­rect tax regime has yielded higher than ex­pected rev­enue in the first month of its op­er­a­tions.

As many as 38.38 lakh busi­nesses have filed GSTR- 3B for the month of July, pay­ing ₹92,283 crore as tax. This is marginally higher than the ₹91,000 crore bud­geted by the Cen­tre and the States.

In­crease ex­pected

“We have al­ready ex­ceeded the tar­get in the first month,” said Fi­nance Min­is­ter Arun Jait­ley on Tues­day, adding that the tax col­lec­tion num­ber would “some­what

Col­lec­tions from In­te­grated GST is ₹47,469 crore of which IGST from im­ports is ₹20,964 crore. Com­pen­sa­tion cess amounts to an­other ₹7,198 crore of which ₹599 crore is com­pen­sa­tion cess from im­ports.

Clearer pic­ture next month

The last date for fil­ing the self as­sess­ment re­turn for GST was Au­gust 28. A clearer pic­ture on tax col­lec­tions will be avail­able later next month when fi­nal re­turns for July are filed.

A Fi­nance Min­istry state­ment said that the al­lo­ca­tion of IGST be­tween the Cen­tre and the States will de­pend on the ex­tent that it was used for pay­ment of CGST and SGST.

“This ex­er­cise will be done based on the cross-util­i­sa­tion re­port to be re­ceived from the GSTN,” it said, adding that the ex­act rev­enue fig­ures of the Cen­tral and the State Gov­ern­ments re­spec­tively will be known af­ter this ex­er­cise is com­plete be­fore the end of this month.

En­rol­ments un­der GST have risen to 91.16 lakh. Jait­ley said this in­cludes 72.33 lakh tax­pay­ers who have mi­grated and an­other 18.83 lakh new reg­is­tra­tions.

Fis­cal deficit im­pact

The Min­is­ter, how­ever, did not com­ment on the im­pact of the ro­bust re­ceipts on the fis­cal deficit. “It is too early to com­ment. Not many peo­ple thought the red line would be crossed in the first month.

“We need to study the col­lec­tions for a few more months,” he said.

The fi­nal re­turns for month of July will be filed next month. Fil­ing of GSTR-1 for the month of July is sched­uled be­tween Septem­ber 1 and 5, fol­lowed by fil­ing of GSTR- 2 be­tween Septem­ber 6 and 10 and GSTR-3 be­tween Septem­ber 11 and 15.

Fi­nance Min­is­ter Arun Jait­ley said col­lec­tions are likely to in­crease with greater com­pli­ance

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