Nearly Rs 42,000 crore has already come in as taxes so far in the first monthly filing under the new Goods and Services Tax (GST) rule. The revenues are expected to increase further as the filing cycle closes this later this week.
Reportedly, while about Rs 15,000 crore has come in as Integrated-GST (levied on inter-state movement of goods) another Rs 5,000 crore through cess on demerit goods such as cars and tobacco. The remaining Rs 22,000 crore has come in as Central-GST and State-GST. This would be split equally between the Union and state administration.
“Tax deposited till this morning was Rs 42,000 crore,” the official told Economic Times. While 10 lakh tax payers have filed returns, another 20 lakh have logged in and saved return forms. “We are seeing good compliance and our estimation is that 90-95 per cent of the assesses will file returns and pay taxes,” he said.
Under new GST regime, businesses are expected to file the monthly tax return. This rule was implemented from July 1. Tax for the first month is to be filed by an extended deadline of 25 August as the tax return filing website snapped just a day before the due date on 20 August.
GST merges over a dozen central and state levies including excise duty, service tax, and VAT. The revenue produced is to be split equally between the Centre and states.
