Economy

GST revenue collection for August slows to Rs 90669 crore

GST revenue collection for August slows to Rs 90669 crore”

Last month, finance minister Arun Jaitley had said that India's GST collections of Rs 92,283 crore for July was above the government's tax collection target for the month.

Of the total revenue collected for August, Rs 21,067 crore came from SGST, Rs 14,402 came from CGST and Rs 7,823 crore from GST compensation cess. Rs 47,377 crore has been collected from Integrated GST (IGST), including Rs 23,180 crore as IGST from imports in August, the release said.

According to an official release, the figure, however, do not include the GST to be paid by 10.24 lakh assessees, who have opted for the composition scheme.

But, against the 68.20 lakh tax payers who were required to file monthly returns for August, just 37.63 lakh taxpayers have filed the GSTR 3B returns.

In August, central government's share of GST stood at Rs14,402 crore while states collected Rs21,067 crore. Besides, there is inconsistency in collections because of transitional credit and exporters not being able to claim refund of GST.

But, with tax filings still continuing for both August and July, the Finance Ministry is confident that the mop-up from GST will rise further.

Taxpayers were supposed to pay their GST as well as file GSTR 3B return for the month of August 2017 by September 20. In July, 38.38 lakh (64.4 per cent) of the 59.57 lakh eligible taxpayers had filed their returns. The increase in the above stated.

The GST was implemented across the country in place of more than a dozen central and state levies like excise duty, service tax and VAT was implemented from July 1. "Things would settle down only in the next few months", said Jain.



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