Connect with us

GST

GST Collection Hits Rs 94,000 Cr for July From 44 Lakh Businesses

Published

on

GST Collections

The tax collection under GST regime got off to a bumper start with Rs 94,000 crore in July from approximately 44 lakh businesses. In the past week, Finance Minister Arun Jaitley said, that taxes collected Rs 92,283 crore in July from just 64.42 per cent of the total taxpayer base so far. According to Jaitley, the number of assessees is more expected to escalate as the final returns of GSTR 1, 2 and 3 would be reported.

When a unified Goods and Services Tax (GST) was implemented in July across the country in place of more than a 12 central and state levies like excise duty, VAT, and service tax, are expected to go up further when all the tax payers file returns. The collections so far are more than the finance ministry’s internal assessment of Rs 91,000 crore.

Read also Government gets Rs 42,000 crore tax in the first month after GST

Finance Minister Arun Jaitley

Finance Minister Arun Jaitley

Finance Minister Arun Jaitley reported that,

“The 64.42 per cent taxpayers have paid Rs 92,283 crore in taxes for July,” 

Central GST (CGST) collection hits Rs 14,894 crore, State GST (SGST) taxes collected Rs 22,722 crore, Integrated GST (ISGT) collection worth Rs 47,469 crore and from compensation cess Rs 7,198 crore has been levied on demerit and luxury goods.

He also added that,

“The minister said that if budget estimates are extrapolated to arrive at a monthly collection number, the Centre should have got Rs 48,000 crore and all states put together another Rs 43,000 crore.”

Jaitley said that the total GST collection would increase with more agreement after late comers file returns, late payment is allowed on payment of a nominal Rs 100 per day on Central GST and similar amount on State-GST. With regard to registration, 72.33 lakh businesses have moved to GST Network.

GST Collection Hits Rs 94,000 Cr for July From 44 Lakh Businesses

GST Collection Hits Rs 94,000 Cr for July From 44 Lakh Businesses

Read also Branded Used Car Firms Lobbying For Lower GST Rate – GST on Cars

After the implementation of this system, a migrated amount is 58.53 lakh and those who have not completed all the registration rule is 13.80 lakh, and the number of new registrations is 18.83 lakh. Earlier in the week, the government extended the time for filing business returns.

Sales return or form GSTR-1 for July could be filed the latest by September 10, instead of September 5, whereas the purchase return or form GSTR-2 could be filed as late as September 25, instead of the earlier deadline of September 10.

Know All About GST

A Mechanical Engineer by education but a content writer by passion. He has been in the field of Content Writing and Marketing for six years. He loves to write in a wide range of genres. Contact me at [email protected]

Recent

Faria Abdullah Faria Abdullah
Actress8 hours ago

Faria Abdullah Wiki, Biography, Age, Movies, Images

Faria Abdullah is an aspiring actress known for her performance in the blockbuster Telugu movie Jathi Rathnalu. She was also...

Varshangalkku Shesham Movie Varshangalkku Shesham Movie
Entertainment3 days ago

Varshangalkku Shesham Movie (2024): Cast, Trailer, OTT, Songs, Release Date

Varshangalkku Shesham is a comedy-filled movie directed by Vineeth Sreenivasan of Hridayam fame. It features Pranav Mohanlal, Dhyan Sreenivasan, and...

Paradise Movie Paradise Movie
Entertainment3 days ago

Paradise Movie (2024): Cast, Trailer, OTT, Songs, Release Date

Paradise is an upcoming Malayalam drama helmed by Prasanna Vithanage. Roshan Mathew and Darshana Rajendran played the lead role, while...

Rakshit Shetty Rakshit Shetty
Actor6 days ago

Rakshit Shetty Wiki, Biography, Age, Movies, Family, Images

Rakshit Shetty is an Indian actor, producer, screenwriter, and filmmaker. He predominantly appears in the Kannada film industry. He made...

Teenz Movie Teenz Movie
Entertainment3 weeks ago

Teenz Movie (2024): Cast, Trailer, OTT, Songs, Release Date

Teenz is an upcoming horror thriller movie directed by Radhakrishnan Parthiban. The motion poster of the film was released on...

aranmanai 4 movie aranmanai 4 movie
Entertainment3 weeks ago

Aranmanai 4 Movie (2024): Cast, Trailer, Songs, OTT, Release Date

Aranmanai 4 is the most awaited sequel which is directed and performed by Sundar C. Along with Tamannaah Bhatia and...

Robinhood Telugu Movie Robinhood Telugu Movie
Entertainment3 weeks ago

Robinhood Movie (2024): Cast, Trailer, OTT, Songs, Release Date

Robinhood is a thriller drama directed by Venky Kudumula. Nithiin and Sreeleela play the lead roles, with Dayanand Reddy, Vennela...

Crypto Staking Platforms Crypto Staking Platforms
Tips and Tricks3 weeks ago

The Best 3 Crypto Staking Platforms for 2024

In the world of digital currencies, staking has emerged as a significant trend. It’s a concept that allows cryptocurrency holders...