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GST Revenue surpass Target, Jaitley delighted!
By: Tupaki Desk | 30 Aug 2017 11:04 AM GMT
Union Finance Minister Arun Jaitley revealed Taxes to the tune of Rs 92,283 crore have been collected in the month of July alone from just 64.42 percent of total tax payers who enrolled for Goods & Services Tax (GST). He claims the GST Revenue has surpassed the target set by the Finance Ministry.
Actually, Finance Ministry estimated the GST Revenue could be Rs 91,000 crore. While Centre might have got Rs 48,000 crore, All States will receive the remaining Rs 43,000 crore.
About 38.38 Lakh Tax Payers got registered in the month of July. 64.42 Percent out of them have contributed Rs 92,283 crore (includes Integrated GST (IGST) - Rs 47,469 crore, State GST (SGST) - Rs 22,722 crore, Compensation Cess - Rs 7,198 crore) in Taxes for July 2017.
Centre will compensate States for any loss in revenue after GST rollout based on 2015-16 Financial Year and assumed Revenue Growth of 14 Percent.
Actually, Finance Ministry estimated the GST Revenue could be Rs 91,000 crore. While Centre might have got Rs 48,000 crore, All States will receive the remaining Rs 43,000 crore.
About 38.38 Lakh Tax Payers got registered in the month of July. 64.42 Percent out of them have contributed Rs 92,283 crore (includes Integrated GST (IGST) - Rs 47,469 crore, State GST (SGST) - Rs 22,722 crore, Compensation Cess - Rs 7,198 crore) in Taxes for July 2017.
Centre will compensate States for any loss in revenue after GST rollout based on 2015-16 Financial Year and assumed Revenue Growth of 14 Percent.
