More Revenue above the 92K Crs Already Collected to come in GST, says Government

· IGST Shares 50% in 92K crs will be Set Off in Later Tax Returns!

GST Revenue Figures – As on 25th September, 2017

The Goods and Services Tax (GST) was introduced on 1^st of July, 2017. In the press release dated 29^th August, 2017, it was reported that the total revenue of GST paid under different heads for the month of July, 2017 (upto 29^th August) was Rs. 92,283 crore. Out of the total GST collection of Rs. 92,283 crore, the total CGST revenue was Rs. 14,894 crore, SGST revenue was Rs.22,722 crore, IGST revenue was Rs.47,469 crore (of which IGST from imports was Rs.20,964 crore) and Compensation Cess was Rs.7,198 crore (of which Rs.599 crore is Compensation Cess from imports). Many assessees have been filing the returns for July 2017 belatedly and till 31^st August, 2017 and the total GST paid for July is Rs. 94,063 crore.

2. The last date for payment of GST as well as filing of GSTR 3B return for the month of August 2017 was 20^th September, 2017. The total number of tax payers who were required to file monthly returns for August 2017 is 68.20 lakhs, of which, as on 25^thSeptember, 2017, 37.63 lakh GSTR 3B returns have been filed.

3. The total revenue of GST paid under different heads (upto 25^th September, 2017) is Rs. 90,669 crore. The total CGST revenue is Rs. 14,402 crore, SGST revenue is Rs. 21,067 crore, IGST revenue is Rs. 47,377 crore (of which IGST from imports in August 2017 is Rs. 23,180 crore) and Compensation Cess is Rs.7,823 crore (of which Rs. 547 crore is Compensation Cess from imports in August 2017).

4. The above figures obviously do not include the GST to be paid by 10.24 lakh assessees who have opted for the composition scheme. Additionally, there are still a number of assessees who have not filed their return either for July or August, 2017. The increase in the above stated figures will be informed in due course.