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GST Collections exceeded the budget targets

GST Collections exceeded the target

After the submission of tax filing for the month of July, Finance Minister Arun Jaitley said, “We seem to be comfortable. The red line has been crossed in the first month itself”.

As per the budget targets, the central government’s July tax revenue should be Rs. 48,000 crore and state government’s tax revenue should be Rs. 43,000 crore, totaling to Rs. 91,000 crore.

The total number of tax payers to file returns in July is 5.96 million, out of which 3.84 million returns have been filed which is correspondingly 64.42% of the overall tax payers. The actual GST revenue accounted is Rs. 92,283 crore. Out of which Rs. 14,894 crore is central GST, Rs. 22,722 crore is State GST and Rs. 47,469 crore is integrated GST. So the total has exceeded the target in the first month of milestone tax regime.

From the total amount Rs. 92,283 crore, Rs. 7,198 crore is compensation cess. Finance minister also clarified when the remaining tax payers account their tax figures, even after the deduction of compensation cess that has to be paid to the states, we achieve the target Rs. 91,000 crore.

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