Rs 42,000 cr Tax Mopped Up From First Filing Under GST

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The exchequer has garnered a handsome amount as tax from the first filing of return under GST and the amount is only said to swell as the deadline is about to end later in this week. The total mop up has been Rs. 42000 crore, of which Rs. 15000 crore has come by way of Integrated GST.

Rs 42,000 cr Tax Mopped Up From First Filing Under GST

The integrated GST applies on ferry of goods between states while another Rs. 5000 crore has come in by way of cess that is applicable on demerit goods including cars and tobacco. The another component of the entire tax collected under the first filing is split up equally between state and central government and amounts to a total of Rs.22000 crore.
As per a tax official, the said figures are accounted for the tax collection until the early morning hours of today i.e. August 22, 2017.

Until now 10 lakh taxpayers have filed the return under the new indirect tax regimen, which calls for monthly return filing by businessmen and traders. For the first month since the introduction of GST, return filing date has been extended to August 25.
As per official data as many as 60 lakh businesses are expected to file in the return for July month under GST.

Further upon the government has extended a fine of upto Rs. 5000, in case the traders do not provide information on inward and outward supplies and any delay in it shall amount to Rs. 100 as penalty for each day of delay. Also, a interest @ 18% shall be charged from the period following the day, such tax was due to be paid to the government.

The implementation of GST has mopped up revenue for the government substantially in comparison to the indirect tax revenue in the same month last year which stood at Rs. 16000 crore.

Goodreturns.in

Read more about: gst, indirect tax, igst, cgst, sgst
Story first published: Tuesday, August 22, 2017, 12:57 [IST]
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