This figure came into limelight when first month GST filing gathered the soaring value of 42,000 Cr. for nation. Filing cycle complete later this week.
Car, tobacco and inter-state movement of goods are the key factors where this figure touched. Rs 15,000 Cr. levied from inter-state movement of goods, and another Rs 5,000 crore by way of cess on demerit goods like cars and tobacco.
Next 22,000 Cr. is from CGST and SGST gathered from various other departments, especially from retail market.
When we see the how many have filed GST in previous month, there are about 1 Million Taxpayers and 2 Million have logged in and saved forms. This way, govt is expecting the estimation of 90-95 percent of the assesses will file returns and pay taxes in current fiscal.
After the GST launch, businesses are filing monthly tax return for which, the deadline for GST month in India was August 25. Although, it was extended later on from August 20. GST covers a dozen central and state levies including excise duty, service tax and VAT, and the revenue generated is to be split equally between the Centre and states.
If we focus on last year’s July month, there was total 51,000 Cr. (Approx.) was collected which consisted excise duty and service tax.
Govt is expecting 1 million more file returns for July when already 5 Million have completed GST migration process. There are more than 7.2 million assessees of old indirect tax regime have migrated to the GST Network portal.
According to the GST law, any registered person who neglects to outfit the points of interest of outward or inward supplies or returns required by the due date should pay a late fee of Rs 100 for consistently amid which such disappointment proceeds with subject to maximum of Rs 5,000.
Moreover, every person who neglects to pay the tax inside the period endorsed, should for the period for which the tax or any part thereof stays unpaid, will be required to pay 18 percent more from the day succeeding the day on which such tax was due to be paid.