LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

Govt gets Rs 42,000 cr tax so far in first filing under GST

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Govt gets Rs 42,000 cr tax so far in first filing under GST
Representational Image: Photo: Zeebiz
Written By: PTI
Updated: Tue, Aug 22, 2017
08:14 am
New Delhi, PTI
RELATED NEWS
GST: Full clarity! No confusion over taxability of gift cards or vouchers - Appellate Authority for Advance Ruling bench says this GST: Full clarity! No confusion over taxability of gift cards or vouchers - Appellate Authority for Advance Ruling bench says this
GST filers alert! Modi government allows further flexibility - All you need to know about important advisory by Goods and Services Tax Network GST filers alert! Modi government allows further flexibility - All you need to know about important advisory by Goods and Services Tax Network
HIGHEST EVER! Whopping Rs 1,23,902 crore! Gross GST revenue collection March 2021 sets new record  HIGHEST EVER! Whopping Rs 1,23,902 crore! Gross GST revenue collection March 2021 sets new record
GST taxpayers alert! Input Tax Credit (ITC) clarification from Finance Ministry - Must know for March 2021 GST taxpayers alert! Input Tax Credit (ITC) clarification from Finance Ministry - Must know for March 2021
Important statement from Finance Ministry for GST taxpayers Important statement from Finance Ministry for GST taxpayers

As much as Rs 42,000 crore has already come in as taxes so far in the first monthly filing under the new Goods and Services Tax (GST) regime and the revenues are expected to swell further as the filing cycle closes this later this week.

A senior official said that about Rs 15,000 crore has come in as Integrated-GST, which is levied on inter-state movement of goods, and another Rs 5,000 crore by way of cess on demerit goods like cars and tobacco.

The remaining Rs 22,000 crore has come in as Central-GST and State-GST, which would be split equally between the Union and state government.

"Tax deposited till this morning was Rs 42,000 crore," the official said.

So far, 10 lakh tax payers have filed returns and another 20 lakh have logged in and saved return forms.

"We are seeing good compliance and our estimation is that 90-95 per cent of the assesses will file returns and pay taxes," he said.

Under the GST regime, which was implemented from July 1, businesses are expected to file the monthly tax return.

Tax for the first month is to be filed by an extended deadline of August 25. The deadline was extended as the tax return filing website snapped just a day before the due date ended on August 20.

GST unifies more than a dozen central and state levies including excise duty, service tax and VAT, and the revenue generated is to be split equally between the Centre and states.

In July last year, Rs 31,782 crore of excise duty was collected and Rs 19,600 crore of service tax. Estimate for the combined sales tax or VAT collection by states was available.

While 72 lakh assessees of the old indirect tax regime have migrated to the GST Network portal, nearly 50 lakh have completed the migration process.

Besides, of the 15 lakh fresh registrations that have happened, as many as 10 lakh are expected to file returns for July.

A total of 60 lakh businesses are expected to file returns and pay taxes for July, the official added.

As per the GST law, any registered person who fails to furnish the details of outward or inward supplies or returns required by the due date will have to pay a late fee of Rs 100 for every day during which such failure continues subject to a maximum amount of Rs 5,000.

Besides, every person who fails to pay the tax within the period prescribed, shall for the period for which the tax or any part thereof remains unpaid, will be required to pay interest at 18 per cent from the day succeeding the day on which such tax was due to be paid.

The collections from customs duty and IGST from imports post-implementation of GST have almost doubled to Rs 30,000 crore in July.

This compares to indirect tax collection of over Rs 16,000 crore of the same month of 2016.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
GSTGoods and Service TaxGST FilingGST filing procedureIntegrated GSTGST LAWGST NetworkGST migrationGST ReturnsGSTR formsEconomy
RELATED NEWS
GST: Full clarity! No confusion over taxability of gift cards or vouchers - Appellate Authority for Advance Ruling bench says this GST: Full clarity! No confusion over taxability of gift cards or vouchers - Appellate Authority for Advance Ruling bench says this
GST filers alert! Modi government allows further flexibility - All you need to know about important advisory by Goods and Services Tax Network GST filers alert! Modi government allows further flexibility - All you need to know about important advisory by Goods and Services Tax Network
HIGHEST EVER! Whopping Rs 1,23,902 crore! Gross GST revenue collection March 2021 sets new record  HIGHEST EVER! Whopping Rs 1,23,902 crore! Gross GST revenue collection March 2021 sets new record
GST taxpayers alert! Input Tax Credit (ITC) clarification from Finance Ministry - Must know for March 2021 GST taxpayers alert! Input Tax Credit (ITC) clarification from Finance Ministry - Must know for March 2021
Important statement from Finance Ministry for GST taxpayers Important statement from Finance Ministry for GST taxpayers

LATEST NEWS

BIG - CBSE Board Exams 2021 - Class 10th boards CANCELLED, Class 12th postponed - Get FULL DETAILS here

CBSE Class 10 Class 12 Board Exams – Students, Parents welcome Govt’s Decision to Cancel CBSE Board exam 2021

Lockdown like curfew in Maharashtra from TODAY: Check timings, what will remain open and closed - Check all details here

Asus ZenBook Duo (UX482) review: Decent dual-screen laptop, good performer

Garena Free Fire OB27 update: Check early patch notes, confirmed features, upcoming changes and more NOW

YES Bank stock! Expert suggests Rs 17-18 target price for this lender

CBSE Board Exam 2021: Important DAY for Students! CBSE board exam class 10 class 12 decision TODAY? PM Modi to meet with Education Minister Pokhriyal; latest news here

Mid-Cap Stock Picks With Anil Singhvi: Aarti Surfactants, Greaves Cotton and FDC are top recommendations

Gold Price Today 14-04-2021: Gold turns EXPENSIVE, hits Rs 49,000-mark, in Delhi markets, Silver at 70,000; Expert tells INVESTMENT strategy

Even in pandemic FY21 NOT a DUD – Money raised via IPOs, FPOs up by a WHOPPING 115%

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved