From 1st July 2017, the Goods and Services Tax (GST) tax was introduced in India. GST tax shall be paid by registered GST tax payers in compliance with the provisions of GST Act, 2017. There are various types of returns under GST Law viz. GSTR-1, GSTR-2, GSTR-3, GSTR-3B, GSTR-4, GSTR-5, GSTR-6, GSTR-7, GSTR-8, GSTR-9, GSTR-10.
In this article, you will come to know the GST tax collection from various GST returns filed since July 1, 2017. The month-wise consolidated figures of Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), Integrated Goods and Services Tax (IGST) and Cess collected by the Government from first return to last month return is as under:
- August, 2017 GST Revenue Collection: ₹93,590 Crores
- September, 2017 GST Revenue Collection: ₹93,029 Crores
- October, 2017 GST Revenue Collection: ₹95,132 Crores
- November, 2017 GST Revenue Collection: ₹85,931 Crores
- December, 2017 GST Revenue Collection: ₹83,716 Crores
- January, 2018 GST Revenue Collection: ₹88,929 Crores
- February, 2018 GST Revenue Collection: ₹88,047 Crores
- March, 2018 GST Revenue Collection: ₹89,264 Crores
- April, 2018 GST Revenue Collection: ₹1,03,458 Crores
- Total GST Revenue Collection up to date is ₹8,21,096 Crores.
GST Revenue collection in the month of April 2018 exceeds ₹1 Lakh Crore
The total Gross GST revenue collected in the month of April 2018 is ₹1,03,458 crore of which CGST is ₹18,652 crore, SGST is ₹25,704 crore, IGST is ₹50,548 crore (including ₹21,246 crore collected on imports) and Cess is ₹8554 crore (including ₹702 crore collected on imports). The total number of GSTR 3B Returns filed for the month of March up to 30th April, 2018 is 60.47 lakh as against 87.12 lakh, who are eligible to file the Return for the month of March, which is 69.5%.
April was also the month for filing of Quarterly Return for Composition Dealers. Out of 19.31 lakh Composition Dealers, 11.47 lakh have filed their Quarterly Return (GSTR 4) which is 59.40% and have paid total tax of Rs.579 crores, which is included in the above figure of Rs.1.03 lakh crore of total GST collection.
The buoyancy in the tax revenue of GST reflects the upswing in the economy and better compliance. However, it is usually noticed that in the last month of the Financial Year, people also try to pay arrears of some of the previous months also and, therefore, this month’s revenue cannot be taken as trend for the future.
The total revenue earned by the Central Government and the State Governments after settlement in the month of April, 2018 is Rs.32,493 crore for CGST and Rs.40,257 crore for the SGST.
GST Revenue Collection by first GST Return filed July 2017
The last date for payment of GST tax for the month of July 2017 was 25th August, 2017 and the last date for filing returns in cases, where the taxpayer wanted to avail transitional credit was 28th August, 2017 and, in all other cases, it was 25th August, 2017.
Did you know? Out of total 72.33 lakh taxpayers, 58.53 lakh taxpayers have completely migrated to the GSTN and 13.80 lakh taxpayers are yet to complete their procedural formalities to migrate to the GSTN. The number of new taxpayers who have registered with the GSTN upto 29th August, 2017 (10 a.m.) is 18.83 lakhs.
First GST Return Summary:
There were 59.57 lakhs GST tax payers were required to file the GST returns for the month of July 2017. However, only 38.38 lakhs GST return were filed as on 29th August, 2017 (10 a.m.) for the month of July 2017. That means only 64.42% of the total number of returns were filed by taxable person registered under GST Act, 2017.
Note that the above figure does not include the taxpayers who have registered with the GSTN in August 2017 and the composition dealers. The registration of large number of assesse under GST will facilitate the effective implementation of GST.
- No. of GST Registered Tax Payers: 59357 Lakhs
- No. of GST return filed For July 2017: 38.38 Lakhs
- Amount of GST tax Collected: ₹92,283 Crore
₹92,283 Crore GST tax were collected up to 29-Aug-2017 at 10:00 a.m. from the GST registered tax payers who have filed their first GST return under different heads. Out of which total CGST revenue is ₹14,894 crore, SGST revenue is ₹22,722 crore, IGST revenue is ₹47,469 crore (of which IGST from imports is ₹20,964 crore) and Cess is ₹7,198 crore (of which ₹599 crore is Compensation Cess from imports).
IGST has been allocated the CGST and the SGST to the extent that the same is used for payment of CGST/SGST. This exercise will be done based on the cross-utilisation report to be received from the GSTN. Exact revenue figures of the Central and the State Governments respectively will be known after this exercise is complete before the end of this month.
Our Finance Minister (FM), Sri Arun Jaitley said that July GST collections of ₹92,000 crore exceeded target. As more people, complete GST Registration formalities and pay GST taxes with the late fee, total receipts could further improve. While the state GST target of ₹43,000 crore and the Union government’s target of ₹48,000 crore as a whole has been achieved, the government is yet to assess if individual states have met their targets.