GST July Month collections of Rs 92,000 crore exceeded target

GST July Month collections of Rs 92,000 crore exceeded target

GST Revenue Figures July 2017

The Goods and Services Tax (GST) tax was introduced on 1^stof July, 2017. The last date for payment of GST for the month of July 2017 was 25^thAugust, 2017. The last date for filing returns in cases, where the taxpayer wanted to avail transitional credit was 28^thAugust, 2017 and, in all other cases, it was 25^thAugust, 2017.

If we exclude the taxpayers who have registered with the GSTN in August 2017 and the composition dealers, total number of tax payers who were required to file the returns for July 2017 is59.57 lakhs, of which, as on 29^thAugust, 2017 (10 a.m.),38.38 lakhreturns have been filed, which is64.42%of the total number of returns, which are to be filed for the month of July 2017.

GST July Month collections of Rs 92,000 crore exceeded target

 

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The total revenue of GST paid under different heads upto 29^thAugust, 2017 (10 a.m) isRs.92,283 crore. The total CGST revenue isRs.14,894 crore, SGST revenue isRs.22,722 crore, IGST revenue isRs.47,469 crore(of which IGST from imports isRs.20,964 crore) and Cess isRs.7,198 crore(of whichRs.599croreis Compensation Cess from imports).

It may be mentioned that IGST will be allocated between the CGST and the SGST to the extent that the same is used for payment of CGST/SGST. This exercise will be done based on the cross-utilisation report to be received from the GSTN. 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.

Out of total72.33 lakhtaxpayers,58.53 lakhtaxpayers have completely migrated to the GSTN and13.80 lakhtaxpayers are yet to complete their procedural formalities to migrate to the GSTN. The number of new taxpayers who have registered with the GSTN upto 29^thAugust, 2017 (10 a.m.) is18.83 lakhs.