94000 Crore Collected for July 2017 GST
Last week Mr. Arun Jaitely stated in press conference that Government has collected around Rs. 92,283 Crore for the month of July 2017. The number of Taxpayers are 38.38 lakhs. Today one of the official from the government stated that since statement of Mr. Arun Jaitely the number of Taxpayers has been increased from 38.38 Lakhs to 44 Lakhs and government has collected additional Rs. 2500 crore since the last week statement as taxes.
This results in total collection of approximately Rs. 94,700 crore as taxes for the month of July 2017. The estimate of the government is of collection of Rs. 91,000 Crore in the very first month since the introduction of new GST Tax Structure from July 1st 2017.
The collection for the month of July 2017 is not going to stop here as 44 lakhs taxpayers becomes only the 74 percent of the total Taxpayers base. That means around 15 Lakhs more taxpayers pending whose GST is yet to be collected by the government for the month July 2017. These taxpayers will pay their liability when final returns are going to be filed i.e. GSTR 1, GSTR 2 and GSTR 3 for the month of July 2017.
The last date of filing GSTR returns for the month of July has been extended again to 10th September for GSTR 1, 25th September for GSTR 2 and 30th September for GSTR 3. So we can expect another thousands of crores to be collected by the end of September 2017 for the month of July 2017 as GST Taxes.
The GST has unifies more than dozen taxes under one roof which is making it highest collection tax in India so far for a single month. Around 74 Lakhs assesse has migrated to new GST regime from Old Taxes but only 44 Lakhs has only paid taxes for the month of July 2017.
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