The revenue receipts of GST for the month of July,17 have been quite encouraging . As against Government’s expectations of revenue receipts of 91,000 Crores for the month of July,17 , the actual receipts for this month from GST have been Rs. 92,283 Crores . This is Rs. 1,283 Crores more than what was expected . It is also pertinent to note that the aforesaid receipts have been only from the 65% of the taxable persons who have thus far filed the returns for the month and 35% remaining taxable persons are yet to file their returns for July,17. The breakup of these receipts has been as stated below :
Central GST – 14,894 crores
State GST – 22,722 crores
IGST – 47,469 crores
Comp.Cess – 7,198 crores
Thus despite the fact that there have been some significant difficulties in the transition from the existing law to GST regime , the process of adaptation of this new and innovative taxation system has been quite magnificent . The most significant aspect has been the increase in tax base despite increase in threshold . Significant new taxable persons have got themselves registered in GST .
Hope the Government agencies will contribute more to solve the problems and ceaselessly endeavour to eradicate the difficulties of the persons who are in the tax-net of GST .