Rs 92150 crore GST collected in September: Finance Ministry

Finance Minister Arun Jaitley confirmed the government's

"The total revenue of GST paid under different heads (up to October 23, 2017) for the month of September 2017 is ₹92,150 crore", Finance Ministry said in a statement.

Tax officials are now trying to reach out to exporters for cases where the mismatch has been detected. The Customs authorities were able to match both the numbers and hence, the refund was cleared. Over July-August, an estimated '67,000 crore has been accumulated as IGST, of which around '5,000-10,000 crore is expected to be due as refunds to exporters.

While the government intends to release refunds as soon as possible, it has to ensure that the process is flawless and discrepancies do not occur.

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. There is a need for a fool-proof system and the technical challenges need to be dealt on a war footing, he added. 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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Finance Minister Arun Jaitley said that the decision had been taken for the convenience of taxpayers and that the taxpayers who have paid the late fee while filing their GSTR-3B forms will have the amount credited to their ledgers.

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

The process of refund for IGST paid on exports in August, which was proposed to start on 18 October, however, is yet to start. Integrated GST collections stood at ₹48,948 crore, of which ₹23,951 crore was on account of imports.

The Finance Minister added that now the transition phase was on as the goods still being sold were manufactured during the earlier indirect tax regime. They can avail input tax credit after sale within the domestic tariff area or after sending their shipments outside the country and can then claim the unutilised credit as refund, a process in which their working capital was getting blocked with the government and raising their operating cost.

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