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GST revenues cross Rs 92,000 crore; nearly 40 lakh returns filed in July

Two months since the GST rollout and here is how much revenue was brought in by the new tax regime.  

GST revenues cross Rs 92,000 crore; nearly 40 lakh returns filed in July
Finance Minister Arun Jaitley along with Reserve Bank of India Governor Urjit Patel during the National Conference on Insolvency and Bankruptcy: Changing Paradigm in Mumbai. Image Source: IANS
By ZeeBiz WebTeam
Updated: Tue, Aug 29, 2017
08:13 pm
Mumbai, ZeeBiz WebDesk
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Key Highlights

  • Tax revenues by GST in July crossed Rs 92,000 crore.
  • There were nearly 40 lakh returns filed in July.
  • About 80% of taxpayers have migrated to the GSTN portal.

Nearly 60 days in the Goods and Services Tax (GST) regime are up and the revenue brought in by the new tax crossed Rs 92,000 crore in July, the government revealed on Tuesday.

GST which was rolled out on July 1 has garnered just 38.38 lakh returns, which the government said was hardly 64% of the total expected filings.

“The total revenue of GST paid under different heads up to 29th August, 2017 (10 a.m) is Rs.92,283 crore.  The total CGST revenue is Rs 14,894 crore, SGST revenue is Rs 22,722 crore, IGST revenue is Rs47,469 crore (of which IGST from imports is Rs.20,964 crore) and Cess is Rs.7,198 crore (of which Rs.599 crore is Compensation Cess from imports),” Press Information Bureau said in a release.

“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 is 59.57 lakhs, of which, as on 29th August, 2017 (10 a.m.), 38.38 lakh returns have been filed, which is 64.42% of the total number of returns, which are to be filed for the month of July 2017,” the government added.  

The last date for payment of GST for the month of July was 25 August, 2017. The last date for filing returns in cases, where the taxpayer wanted to avail transitional credit was 28 August and, in all other cases, it was 25 August itself.  

About 80% of taxpayers have migrated to the GSTN portal.

“Out of total 72.33 lakh taxpayers, 58.53 lakh taxpayers have completely migrated to the GSTN and 13.80 lakh taxpayers are yet to complete their procedural formalities to migrate to the GSTN.  The number of new taxpayers who have registered with the GSTN upto 29th August, 2017 (10 a.m.) is 18.83 lakhs,” the government said.

“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,” the government added.