GST revenue at Rs 92,283 cr gets a bumper start

India’s maiden GST revenue mop-up got off to a bumper start, with Finance Minister Arun Jaitley saying that taxes worth Rs 92,283 crore were collected in July from just 64.42 per cent of the total taxpayer base.

Tax collections for July, the first month when a unified Goods and Services Tax (GST) was implemented across the country in place of more than a dozen central and state levies like excise duty, service tax and VAT, are likely to further go up when all the tax payers file returns.

The collections so far are in excess of the finance ministry’s internal estimate of Rs 91,000 crore.

So far, 38.38 lakh taxpayers accounting for 64.42 per cent of the total businesses, who had registered in July, filed returns. As per registration, 59.57 lakh businesses should file return for July.

“The 64.42 per cent taxpayers have paid Rs 92,283 crore in taxes for July,” Jaitley told.

(Agencies)

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