As much as Rs 42,000 crore has already come in form of taxes in the first month filing under the new goods and services tax and the revenues are expected to come in further more as the filing is supposed to close later this week. A senior official said that about Rs 15000 crore has come in as integrated-GST, Which is levied on interstate movement of goods and another Rs 5000 crore by way of cess on demerit goods like car and tobacco. The remaining Rs 22,000 crore has come in as Central GST and state GST, which would be split equally between the union and state government. 10 lakh tax payers have filed returns and another 20 lakh have logged in and saved return forms. Under the GST regime which was implemented from July 1, Business are expected to file the monthly tax return. Tax for the first month is to be filed by an extended dead line of August 25th.
GST unifies more than a dozen central and state levels including excise duty, service tax and value added tax, and the revenues generated is to be spilt equally between the center and states. While 7.2 million assesses of the old indirect tax regime have migrated to the GST network portal whereas nearly 5 million have completed the migration process. A total of 6 million businesses are expected to file returns and pay taxes for july. As per the GST law any registerd person who fails to furnish the details of outward or inward supplies or returns required by the due date will have to pay a late fee of Rs 100 for every day during which such failures continues subject to a maximum of Rs 5000. Besides every person who fails to pay the tax within the period prescribed shall for the period for which the tax or any part therefore remains unpaid will be required to pay interest at 18% from the day succeeding the day on which such tax was due to be paid. In term of net sales 40 industries saw a postive growth in sales in the first quarter of 2020-18. Some of the leading industries are sugar, electronics, passenger cars and tractors, capital goods, metals, NBFC, hotels, resorts, resturants, mining, refinieries, plastic products, industrial gases and fuels.