September 27, 2017
According to a government release, the collection figure will increase as the last date for payment of GST as well as filing of GSTR 3B return for August was September 20.
At a time when the government is battling sluggish economic growth, the Goods and Services Tax (GST) collection figures are indicating a positive scenario. July saw GST collection of Rs 92,283 crore from 64.42 per cent of the total taxpayer base. The government has already collected Rs 90,669 crore in GST for August, the second month of the indirect tax regime rollout.
The total revenue of GST paid under different heads (up to September 25) is Rs 90,669 crore. Of this, the total CGST revenue is Rs 14,402 crore, SGST revenue is Rs 21,067 crore, IGST revenue is Rs 47,377 crore (of which IGST from imports in August 2017 is Rs 23,180 crore) and compensation cess is Rs 7,823 crore (of which Rs 547 crore is compensation cess from imports in August 2017).
A government source said that the situation will only improve further. “The total revenue of GST paid under different heads (up to September 25) is Rs 90,669 crore, but these figures do not include GST paid by 10.24 lakh assessees who have opted for the composition scheme,” he said.
According to a government release, the collection figure will increase as the last date for payment of GST as well as filing of GSTR 3B return for August was September 20. Also, a large number of assessees have not filed their returns either for July or August.
The government disclosed that a similar upward revision has taken place in the July figure. According to the revised estimate, the GST mop-up for July stood at Rs 94,063 crore, up from the initial projection of Rs 92,283 crore. Total taxpayers who are supposed to file monthly returns for August is 68.20 lakh, of which, as on September 25, only 37.63 lakh GSTR 3B returns have been filed. A senior officer clarified that due to several reasons, assessees are filing belated returns for July and August.
Of the total GST July collection of Rs 92,283 crore, the total CGST revenue was Rs 14,894 crore, SGST revenue was Rs 22,722 crore, IGST revenue was Rs 47,469 crore (of which IGST from imports was Rs 20,964 crore) and compensation cess was Rs 7,198 crore (of which Rs 599 crore is compensation cess from imports).
The government is keeping a close eye at the GST collections as higher collections will not only add to the GST’s political mileage and centre’s coffers but faster revenue neutrality to the pre GST levels will enthuse the states to enforce GST with vigour. This will even start opening up to the idea of subsuming more products like petroleum in the GST. The government expects that this will bring down the price of petrol and diesel which are facing multiple levies.