Economy

GST revenue collection for August slows to Rs 90669 crore

GST revenue collection for August slows to Rs 90669 croreā€¯

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.



Like this

Latest


27 September 2017
Global Smart Building Market 2017- Honeywell, Siemens, Schneider, Johnson Controls and UTC
We create futuristic, cutting-edge, informative reports ranging from industry reports, company reports to country reports. Global home automation market is highly competitive, with the presence of well-established global market participants.

27 September 2017
Sonic Forces Trailer Places a Bet on New Classic Casino Forest Stage
Experience the full story behind the new villain's rise to power and as you find renewed replayability across Modern Sonic stages. Sega has released a brand new look at Sonic Forces , this time showing off a new level called Casino Forest.

27 September 2017
Profund Advisors LLC Acquires 4860 Shares of American Water Works (NYSE:AWK)
Equities analysts anticipate that American Water Works Company Inc will post $3.05 earnings per share for the current fiscal year. Since May 9, 2017, it had 0 insider buys, and 3 sales for $264,403 activity. 1 shares were sold by GOSS MARTHA CLARK , worth $76.

27 September 2017
Analyst Stock Recommendations For Genpact Limited (G), United Continental Holdings, Inc. (UAL)
Gideon Capital Incorporated has invested 1.13% in United Continental Holdings Inc (NYSE:UAL). 27,200 are held by Hennessy Advsrs. The expected UAL's profit could reach $553.67M giving the stock 8.11 P/E in the case that $1.82 earnings per share is reported.

27 September 2017
Vice President Pence to visit MI to push tax overhaul
He also visited MI multiple times in the lead-up to the 2016 presidential election, in which Trump won the state. Pence last visited MI for a Fourth of July parade in Grandville, where he got a mostly warm reception.

27 September 2017
IPhone 8 and Samsung S8 experienced endurance
The curved back of the Galaxy Note 8 heightened the risk of the glass back shattering when the smartphone falls on its side. In this case, it seems neither phone survived the drop test, with both handsets having their glass backs shattered.

27 September 2017
Why Chrissy will never divorce John
The 31-year-old model told Us Weekly that the reason they will never split up is because she wants to keep her family nuclear. Another week, another episode of "how great is Chrissy Teigen? " and the answer, as always, is so great.

27 September 2017
Cullinan Associates INC Continues to Hold Stake in Alphabet Class A (GOOGL)
Finally, Trust Department MB Financial Bank N A boosted its stake in shares of Alphabet by 3.0% in the third quarter. Also, CEO Sundar Pichai sold 4,000 shares of the firm's stock in a transaction that occurred on Wednesday, July 5th.

27 September 2017
'Saturday Night Live' Adds Three Featured Players and Seven New Writers
The trio will make their series debut September 30, with the Ryan Gosling-hosted season premiere. Heidi Gardner ( SuperMansion ) is a Groundlings alumna while Luke Null performed at iO Chicago .

27 September 2017
Traders Secrets on Pepsico, Inc. (PEP), Coeur Mining, Inc. (CDE)
Royal Bank Of Canada reiterated an outperform rating on shares of Coeur Mining in a research report on Thursday, September 7th. The Firm has its mines located in the United States, Mexico, and Bolivia and exploration projects in Mexico and Argentina.



Recommended