September GST collections touch Rs 92150 crore

25 October, 2017, 01:07 | Author: Barbara Daniel
  • Finance Minister Arun Jaitley confirmed the government's

Over Rs 95,000 crore was collected through GST during July, the first month of its implementation, while the figure for August was over Rs 91,000 crore.

Late fee of Rs 200 per day was being charged from businesses.

Earlier on Tuesday, the government waived the penalty for filing late returns for August and September.

"To facilitate taxpayers, late fee on filing of GSTR-3B for Aug&Sept has been waived".

The tweet further said that the late fee amount will be credited back to the ledger of taxpayers who have already paid it.

Late fee payment has been waived for late GST returns filed in August and September.

The GST Council, headed by Finance Minister Arun Jaitley, had in the last meeting recognised the fact that exporters' credit was being blocked. "We hope more people are able to file return within the due date", Pandey explained. Compliance in filing returns was reportedly low as only half the number of assesses filed summary returns under GST for September.

Till October 22, only 39 lakh assesses filed returns. Businesses under composition scheme have to file their returns only quarterly.

The total number of taxpayers who were supposed to file monthly returns for August were 68.20 lakh, of which, as on September 25, 37.63 lakh GSTR 3B returns were filed.

Kumar said that the GST Network (GSTN), which handles IT infrastructure for the tax regime, has started issuing refunds from October 10 to exporters for Integrated GST (IGST) they paid for the month of July, after matching GSTR-3B and GSTR-1. GST Network CEO Prakash Kumar stated on Monday that the portal will launch an online application for processing exporters' refunds for Integrated GST (IGST) paid by them for August and September.

The customs department will then validate the information provided in the table with the shipping bill data and also the taxes paid in GSTR-3B. The refund amount would be either credited to exporter's bank account through ECS or a cheque would be issued in his or her name.

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