Showing the success of the Goods and Services Tax (GST) introduced on 1st of July, 2017, the GST collection for July exceeded Rs 91,000 crore target for central and state taxes. Finance Minister Arun Jaitley has said that the indirect tax regime has yielded higher than expected revenue in the first month of its operations, as a total of Rs 92,283 crore tax has come in from first filing under GST. He said that only 64.92 per cent of the eligible 59.57 lakh businesses have paid GST for the month of July and more are expected to pay.
He further said that 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.
Detailing further the Finance Ministry statement said that the total CGST revenue is Rs 14,894 crore, SGST revenue is Rs 22,722 crore. Collections from Integrated GST is Rs 47,469 crore of which IGST from imports is Rs 20,964 crore. Compensation cess amounts to another Rs 7,198 crore of which Rs 599 crore is compensation cess from imports.
The final returns for month of July will be filed next month. Filing of GSTR-1 for the month of July is scheduled between September 1 and 5, followed by filing of GSTR- 2 between September 6 and 10 and GSTR-3 between September 11 and 15.