GST collections in July month crossed Rs 96,483 crore.
on the comparison with Rs 95,610 crore revenue collected for May, Rs 94,016 crore received for April, and Rs 1.03 lakh crore for March.
Compliance improved during the month—the third after the launch of e-way bills—as 66 lakh GSTR-3B returns were filed as on July 31, compared with 64.69 lakh for May as on June 30, according to a press release issued by the Ministry of Finance. The last day for filing the GSTR-3B returns and paying tax is the 20th day of the succeeding month. Data is released with a lag.
After one fiscal year into the implementation of the GST, it is worth asking how it has performed in terms of revenue generation, both for the country and for individual states.
From a revenue perspective, and especially considering the headwinds, the GST has been a positive development: overall, for the states, and especially for most of the less developed, consuming states.
The ministry’s statement gave details of the tax collected under various heads:
GST collections in June reached Rs 15,877 crore. on the other hand State Goods and Services Tax collection : Rs 22,293 crore and Integrated Goods and Services Tax collected during the period Rs 49,951 crore (includes Rs 24,852 crore collected on imports). total Compensation Cess collection in june month Rs 8,362 crore.
According to the government’s budget estimates, it will collect Rs 6.03 lakh crore as central GST, while integrated GST and compensation cess revenue is pegged at Rs 50,000 crore and Rs 90,000 crore, respectively. This does not include states’ share of GST and IGST.
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