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Government records massive GST inflow at Rs 42,000 crore in one month; expects a lot more

The statement that the newly launched Goods and Services Tax (GST) has become a grand success is true and it can be proved with the amount of tax received by the government. According to government sources, the government has already received tax of around Rs 42,000 crore till now. This much in the first monthly filing under GST shows that the new tax regime has turned out to be a success. The government expects its tax revenues to swell up further, as the GST filing cycle comes to an end later this week. Providing the details of the tax received by the government under GST, a senior official said that Rs 15,000 crore has been received under Integrated-GST. This is levied for inter-state movement of goods.

Rs 5,000 crore has been received under cess on demerit goods such as cars and tobacco. The rest Rs 22,000 crore has been received under Central-GST and State-GST. These would be portioned equally between the Union and the respective state government. The senior official also said that 10 lakh tax payers have already filed their returns and another 20 lakh are expected to file their returns. The expected 20 lakh have logged in to their accounts and have saved their return forms. They are expected to file their returns soon. The official was happy about the compliance rate and hoped that around 95 percent of the assesses will file their returns and pay their taxes.

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