Under the new Good and services(GST) regime, the first-month filing recorded Rs 42,000 crore already as taxes. So, the revenues are expected to swell further as the filing cycle closes later this week. Rs 15,000 crore has come in as Integrated-GST as per the report of a senior official and is levied on inter-state movement of good.
Another Rs 5,000 crore was recorded for demerit goods like cars and tobacco. So, the balance amount of Rs 22,000 crore is for Central-GST and State-GST and would be split equally between the Union and state government.
The official reported that the Tax deposited till this morning is Rs 42,000 crore. As per the calculation, 10 lakh tax payers have filed returns so far and another 20 lakhs have logged in and saved return forms.
The official also added, “We are seeing good compliance and our estimation is that 90-95 per cent of the assesses will file returns and pay taxes”.
According to the GST regime implemented from July 1, businesses are expected to file the monthly tax return. The tax for the first is strictly said to be filed before the deadline of August 25.
The deadline for tax for the first month was extended for August 25 as the tax return filing website snapped just a day before the due date ended on August 20. GST unifies excise duty, service tax, VAT. The revenue generated would be split equally between the Centre and the states.