As against the estimated Rs. 91000 crore, the centre has managed to collect as much as Rs. 92,283 crore from GST return filing for the July month. This is before the time when one-third taxpayers are still left with their return filing and have to pay the due taxes. In view of the revenue generation from the GST filing in July, the government has an optimistic outlook for in respect of GST revenues for the remaining eight months of the FY18.
Jaitley in a press conference said "At least the red line seems to have been crossed. Technically, with 64.42% of tax payers' compliance, we have exceeded target". GST which subsumed a number of local, state and central taxes, unified the national economically.
On the supply of goods and services, GST has two equivalent components, CGST or Central GST and SGST or State GST. For the inter-state trade and commerce, integrated GST or IGST applies, which too has equal component and goes to the Centre and State government in equal proportions.
As per data with the government sources, 7.2 million individuals migrated to the new tax regime and as many as 1.8 million new taxpayers joined. And of the total 9 million taxpayers registered under the new GST regime, as of August 25, 5.9 million assessees were due to file their GST return for the first month. This is owing to the fact that as many as 3.1 million assessees got themselves registered in the month of August while some of the opted for the liberal quarterly payment scheme.
There is compensation cess which is levied on products which either come under the luxury products category of are of polluting nature such as any polluting fuel.
Jaitley remarked as more and more assessees are completing the GST registration formalities and paying taxes with nominal late fee of Rs. 100 per day separately for central and state GST, revenues are likely to further improve.