GST revenues consistent, encouraging response from industry:FM

Three months into GST rollout, the new indirect tax regime has consistently given Rs 93,000- 94,000 crore in taxes every month on back of encouraging response from the industry, Finance Minister Arun Jaitley said today.

On a day the government announced waiver of late fee for those who filed late tax returns for months of August and September, he indicated rationalisation of GST tax slabs once revenue stream stabilises.

As much as Rs 92,150 crore — Rs 14,042 crore in Central-GST levy, Rs 21,172 crore from State-GST and Rs 48,948 crore on account of inter-state and exports levy called Integrated-GST, was collected for the month of September.

GST tax collections in July — the maiden month of rollout of the Goods and Services Tax (GST) — was over Rs 95,000 crore and it was over Rs 91,000 crore in August.

Speaking at a press conference called to brief on state of economy, Jaitley said the number of businesses registered under GST has crossed 1 crore, which includes 72 lakh entities which migrated from earlier excise, service tax regime and VAT regime, and 28 lakh fresh registrations.

The GST amalgamates more than a dozen central and state levies like excise duty, service tax and VAT to weave India into one market with one rate of tax.

“Trade response towards GST is encouraging. If in first three months the number of registrants increase 30-35 per cent, then it is a positive signal,” he said.

He said that revenue collection under GST has been “consistent” in the three months of roll out and the number would go up further once the businesses which have opted for composition scheme starts filing their returns.

Businesses under composition scheme have to file their returns only quarterly. The tax rates under composition scheme is 1 per cent for traders, 2 per cent for manufacturers and 5 per cent for restaurants.

Asked about Revenue Secretary Hasmukh Adhia’s comments in an interview to

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

source:http://www.zeebiz.com/agencies/gst-revenues-consistent-encouraging-response-from-industryfm-28983

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