Over Rs 92,000 Crore Received As GST For July
Collections have been higher than the targeted Rs 91,000 crore, the finance minister said.
A total of Rs 92,283 crore had been collected via the Goods and Services Tax (GST) for July, Finance Minister Arun Jaitley said at a press conference in New Delhi. This is the first month of collections under the new indirect tax regime which came into existence on July 1. The collections have been higher than the targeted Rs 91,000 crore, the finance minister said.
64.42 percent of taxpayers had filed returns as of Tuesday morning, Jaitley said.
The total collections included:
- CGST: Rs 14,894 crore
- SGST: Rs 22,722 crore
- IGST: Rs 47,469 crore (IGST from imports: Rs 20,964 crore)
- Cess: Rs 7,198 crore
- Total: Rs 92,283 crore
The figures have been updated till 10 am of August 29.
The last day of payment of GST for the month of July was August 25. The last day for filing returns in cases, where the taxpayer wanted to avail transitional credit, was August 28.
Out of the total 72.33 lakh taxpayers, 58.53 lakh taxpayers have completely migrated to the GSTN and 13.80 lakh taxpayers are yet to complete procedural formalities, said a release from the finance ministry.
According to Abhishek Jain, parter at EY India, GST tax collections are on track given that the government’s target was Rs 91,000 crore.
"The amount of tax collected by the government could also be slightly inflated condsidering many taxpayers were not able to avail transitional credit and paid entire GST in cash," Jain told BloombergQuint over the phone.