Goods and Services Tax – GST – Dated:- 30-8-2017 – New Delhi, Aug 29 (PTI) India's maiden GST revenue mop-up got off to a bumper start, with Finance Minister Arun Jaitley saying today that taxes worth ₹ 92,283 crore were collected in July from just 64.42 per cent of the total taxpayer base. Tax collections for July, the first month when a unified Goods and Services Tax (GST) was implemented across the country in place of more than a dozen central and state levies like excise duty, service tax and VAT, are likely to further go up when all the tax payers file returns. The collections so far are in excess of the finance ministry's internal estimate of ₹ 91,000 crore. So far, 38.38 lakh taxpayers accounting for 64.42 per ce
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hly return and payment of taxes under the GST ended on August 25. However, businesses that availed of transitional credit were allowed to file returns till August 28 after paying taxes on self-assessment basis by August 25. Jaitley said that late payment is allowed on payment of a nominal ₹ 100 per day on Central GST and an equivalent amount on State-GST. As per the tax sharing formula, the Centre will compensate states for any revenue loss calculated on a base year of 2015-16 and assumed revenue growth of 14 per cent. In sum total we seem to be comfortable, but we will have to break up the figures finally to see if any specific state has not had that 14 per cent in which event, out of this compensation cess that particular state will
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ing the fiscal deficit target, he said it is too early to comment . Explaining the reason, he said now that the internal estimate has been breached in the first month of GST rollout, it means that many businesses that were otherwise not paying taxes were coming into the net. You will have to wait for few more months to study the pattern… A more efficient taxation system checks evasion, brings in non-filers into the system; (now it is) more difficult to evade (taxes) – that seems to be the initial first reaction, Jaitley said. He said the total GST collection is ₹ 92,283 crore and the figure will increase with more compliance after late comers file returns. With regard to registration, Jaitley said 72.33 lakh businesses have migrated
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