GST yields Rs 90669 crore in August

GST protests

The total number of GST collected is expected to rise once the late tax returns are filed.

The total Central GST collection in August was Rs 14,402 crore. This includes CGST revenue of Rs14,402 crore, SGST revenue of Rs21,067 crore, IGST revenue of Rs47,377 crore (of which IGST from imports in August 2017 is Rs23,180 crore) and Compensation Cess of Rs7,823 crore (of which Rs547 crore is Compensation Cess from imports in August 2017), says a finance ministry release.

However, a finance ministry statement on Tuesday said GST receipts do not include taxes from over a million small assessees who have opted for a liberal quarterly tax payment system. The Compensation Cess collected under GST for August is Rs 7,823 crore, out of which Rs 547 crore is Compensation Cess from imports last month.

"Number of assessees have not filed GST returns for both July and August", said the government in a statement following the release of collections data, CNBC reported.

The increase in the above stated figures will be informed in due course, it said. With the data for the two months tallying closely, the GST revenue base is getting stabilised. The taxes are being paid along with summarised returns GSTR 3B, while taxpayers have been given the option to file the detailed returns later. Meanwhile, Compensation Cess during the maiden GST collection was Rs 7,198 crore, out of which Rs 599 crore was Compensation Cess from imports.

Out of this total GST collection of Rs 92,283 crore, the total CGST revenue was Rs 14,894 crore, SGST revenue was Rs 22,722 crore. Rs 47,377 was received under Integrated GST. Many assessees have been filing the returns for July 2017 belatedly and till 31st August, 2017 and the total GST paid for July is Rs. 94,063 crore.

The first two months' GST collections have brought comfort to the government as these exceeded the budget targets of the Centre and at least keep pace with the revenue-neutral estimates for states.

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