COLLECTIONS FROM GST HIT ₹92,283 CR IN JULY: JAITLEY

India’s maiden GST collections hit ₹92,283 crore in July, surpassing the target, finance minister Arun Jaitley said on Tuesday. The tax mobilisation so far is from 64.4% of the 59.57 lakh taxpayers registered with the new goods and services tax (GST) and the number is likely to go up after all taxes are accounted for, he said.

Of the tax collected, Jaitley said, ₹14,894 crore have come in as Central GST, ₹22,722 crore as State GST and ₹47,469 crore as Integrated GST, which is levied on inter-state movement of goods and imports. Out of the IGST collection, ₹20,964 crore have been on account of imports, he said, adding that ₹7,198 crore have come in from cess imposed on demerit goods.

The tax collection number would “somewhat increase” with more compliances, he added.

Extrapolating the targets in the annual Budget, the central government’s July tax revenue should be ₹48,000 crore and that of states ₹43,000 crore. The total combined target of the two is ₹91,000 crore, he said.

“We have exceeded the target,” he said, adding that even if the compensation cess is kept away, the target will be surpassed when all tax payers file returns.

Jaitley said 38.3 lakh out of 59.57 lakh registered taxpayers have so far filed GST returns.

So far, 72.33 lakh taxpayers have migrated to the new system. Of these 58.53 lakh have completed all the formalities.

A nominal ₹100 per day penalty is levied for late filing of CentralGST and a similar for State-GST tax. The deadline for filing first monthly return and payment of taxes under GST ended on August 25.