GST target for July has been exceeded: Jaitley
38.38 lakh returns filed so far; more on the way, says Minister
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.
“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