Govt collects Rs 65,000 cr GST, over 36 lakh businesses file returns so far
While 72 lakh assessees of the old indirect tax regime have migrated to the GST Network portal, nearly 50 lakh have completed the migration process
New Delhi: Over 36 lakh businesses have so far filed their first tax returns under the Goods and Services Tax (GST) regime, a top tax official said on Monday.
Tax collected in the maiden filings under the GST regime, which kicked in from 1 July, are still being compiled as the last date for filings under different rules is not yet over, he said.
The revenue department had estimated collection of around Rs 65,000 crore from maiden GST, the official said.
The deadline for filing first monthly return and payment of taxes under GST - the new indirect tax regime that unifies over a dozen state and central taxes, including excise duty, service tax and VAT - ended on 25 August.
However, businesses that availed transitional credit were allowed to file returns till 28 August after paying taxes on self-assessment basis by 25 August.
"At the start of the day today, over 36.32 lakh returns had been filed. Final tax collection numbers would be known once all the returns are in," the official said.
Under GST, businesses are supposed to file monthly sales returns and pay due taxes online. Since this was the maiden return after GST was rolled out on 1 July, the government gave companies extra time to file returns and pay taxes.
Central Board of Excise and Customs (CBEC) Chairperson Vanaja Sarna, in her weekly letter to tax officials, had said the last date for payment of GST for July 2017 was extended up to 25 August.
But for those taxpayers who want to fill TRAN-I this month, the last date for filing GSTR-3B is 28 August, she had said.
GST Network, the company managing the tax filing apparatus, had uploaded form TRAN-1 last week on its portal for businesses to claim credit on taxes paid prior to GST rollout on 1 July.
Another official said businesses can continue to file returns and pay taxes even after the deadline ends, much like what happens in case of income tax returns and payment.
As per the GST law, any registered person who fails to furnish details of outward or inward supplies or returns required by the due date will have to pay a late fee of Rs 100 for every day during which such failure continues subject to a maximum Rs 5,000.
Besides, every person who fails to pay the tax within the period prescribed will be required to pay interest at 18 percent from the day succeeding the day on which such tax was due to be paid.
While 72 lakh assessees of the old indirect tax regime have migrated to the GST Network portal, nearly 50 lakh have completed the migration process.
Besides, of the 15 lakh fresh registrations, as many as 10 lakh are expected to file returns for July.
Net direct tax collection in the April-June quarter of the current fiscal is over Rs 2.46 lakh crore, as against more than Rs 1.17 lakh crore during the same period of the previous fiscal
Shortfall in GST compensation to states in the current fiscal estimated at Rs 2.59 lakh crore, of which about Rs 1.59 lakh crore would have to be borrowed