GST: Government receives revenue of Rs 42,000 crore from filing first GST return

New Delhi: Under the new system of goods and services tax (GST), the government has received 42,000 crore rupees as tax payment in the first month and the revenue is likely to increase further as the return filing process ends at the end of this week. A senior official said that Rs 15,000 crore has come as an integrated GST. Integrated GST commodities seem to be moving from one state to another, and 5,000 crores have come through cess on luxury and harmful things like cars and tobacco.

The remaining Rs 22,000 crore has come in as Central-GST and State-GST, which would be split equally between the Union and state government.

“The tax deposit was upto Rs 42,000 crore till this morning.” So far, 10 lakh taxpayers have filed returns and 20 lakh have login in sysyem and have received tax returns form.

He said, “Good compliance is being observed and we estimate that 90-95 percent taxpayers will file returns and pay tax.” Under the GST system implemented from July 1, companies have to file monthly tax returns.

The date of filing of the first month tax return has been extended to 25th August. The deadline for filing of returns has been extended by the closure of the website just a day before August 20.

GST has included more than a dozen central and state taxes including excise duty, service tax and VAT. In July last year, Rs 31,782 crore was collected as excise duty, while Rs 19,600 crore was collected as service tax.