The goods and services tax, GST, launched on 1 July, has got off to a good start, with collections exceeding the revenue target for the first month.
Finance Minister Arun Jaitley said at his briefing on the first set of data on tax collections yesterday that it seems comfortable, the redline has been crossed in the first month itself. He said taxes worth Rs 92,283 crore were collected in July from just 64.42 per cent of the total taxpayer base and not many had thought it would happen.
The finance minister added that even after the compensation cess is excluded, the target will still be surpassed when all taxpayers file returns.
Tax collections for July, the first month when a unified Goods and Services Tax (GST) was implemented across the country, are likely to further go up when all the tax payers file returns.
The last date for payment of tax for the month of July was August 25 and for those seeking transitional credit for taxes paid in the pre-GST era, the deadline was August 28.