Interesting things about the first phase of GST return filing
The first phase of the GST monthly return and fax filing process concluded successfully on 25th August (and on 28th August for transitional taxpayers who claimed ITC this month). The most astonishing fact is that the government has received over 90 thousand crore rupees as the GST tax in the very first month after the launch of GST in the country.
The last date for the normal GST monthly returns and tax payment for July month ended on 25th August. However, the taxpayers who claimed input credit on an old stock while transitioning from the old tax system to GST were allowed to file their tax returns by 28th August.
If sources are to be believed, the tax amount received by the government for the July 2017 period is much more than what was expected. Let’s discuss some more interesting facts about the GST tax returns filing and payment for July 2017.
The tax collection figure is expected to grow even more, as of now, only about 64.4 per cent of the total GST registered taxpayers (around 60 lakh) have paid their taxes.
GST Tax Received for July 2017
Total tax collected: 92,283 crore INR
Tax collected in the form of CGST: 14,894 crore
State GST collected: 22,722 crore
Integrated GST collection: 47,469 crore
IGST collected on imports: 20,964 crore
The finance minister revealed that the tax collected in the form of Central Gods & Services Tax was Rs. 14,894 crore, while Rs. 22,722 crore has been received in the form of State GST. The government has also received Rs. 47,469 crore Integrated GST on the interstate supplies, while Rs. 20,964 crore IGST was collected on the various imports made to India during the July month.
GST Compensation Cess Collected
Under GST, a cess is also applicable on some specific goods and services like tobacco, cigarettes and vehicles. The government has reportedly collected Rs. 7,198 crore as cess on cars, tobacco and other eligible goods and services in the July month only.
GST Tax Revenue Milestone for July 2017
As per the annual budget of the government, the tax revenue for the July 2017 month was supposed to be Rs. 48,000 crore for the Centre and Rs. 43,000 crore for the State governments, so a total of Rs. 91,000 crore tax revenue. As you can see the figures above, the government has already crossed this figure with more than 40% taxpayers still have to pay their taxes.
As per the official government report, a total of 72.33 lakh taxpayers have so far enrolled under GST, out of which, 59.57 lakh have completed the registration procedure till the date. However, only 38.3 lakh of these registered taxpayers filed their tax returns for July month by the closing date.
GST Late Fee and Penalty
A penalty of Rs. 100 per day (up to a maximum of Rs. 5,000) is being levied from taxpayers on the late payment of Centre and State GST taxes.