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GST July collections exceed expectations; touch Rs 92,283 crore

GST July collections have come as a huge relief for the Indian government and it has also surprised them. The relief is because the expectations have been met and surprise because the collections have actually exceeded the expectations. The Finance Ministry today revealed a detailed account of the collections made under GST for July, the first month of the new tax regime. While giving the details, Union Finance Minister Arun Jaitley said that the July target for central and state taxes was Rs 91,000 crore. However, the target has been surpassed since the actual collections for July are Rs 92,283 crore. Jaitley said that the government wanted to reveal the details of GST collections in public domain, as it would allow everyone to get an idea of how successful the new tax regime has proved to be and how it will benefit the economy and the country’s growth.

Other details were also provided by Jaitley. Around 72 percent of taxpayers have moved to GST and around 64 percent have complied with it. Under CGST, the government collected Rs 14,874 crore. SGST was Rs 22,722 crore and IGST was Rs 47,469 crore. Jaitley said that till now, more than 38 lakh people have filed their returns. Total expected registrants are around 59 lakh, but this excludes August registrations or those opting for composition. Delay in filing returns would attract penalty at the rate of Rs 100 per day for CGST and IGST, Jaitley said.

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