In the third month of new indirect tax regime roll out, the government’s revenue collection remained robust with growth of 1.63 percent to Rs 92,150 crore collected as Goods and Services Tax (GST) in September 2017 as against Rs 90,669 crore in August. Out of the total, Rs 14,042 crore is on account of Central GST, while State GST is to the tune of Rs 21,172 crore.
The government also collected Rs 48,948 crore from Integrated GST in September of which the tax from imports is Rs 23,951 crore. Receipts from compensation cess in September amounted to Rs 7,988 crore of which Rs 722 crore is from imports. The total number of GSTR 3B returns filed for the month of September is 42.91 lakh as on October 23, 2017. As per the data, GST collections for the maiden month of July were over Rs 95,000 crore, while for August the figure was over Rs 91,000 crore.
Finance Minister Arun Jaitley has said that revenue collection under new indirect tax regime has been consistent between Rs 93,000- 94,000 crore in taxes every month on back of encouraging response from the industry. He also indicated rationalisation of GST tax slabs once revenue stream stabilises. He said trade response towards GST is encouraging and if in first three months the number of registrants increase 30-35 percent, then it is a positive signal.
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