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Telangana state contributes 5% to India’s GST funds

Telangana state contributes 5% to India’s GST funds

Hyderabad: Telangana state was able to file first returns within the deadline, not only this, the state has contributed around five percent to the country’s GST kitty under the new tax regime on Monday.

When the GST collected from the entire country for the month of July was Rs 65,000 crore, TS contributed Rs 3,200 crore. Interestingly, the GST was paid by only 34,000 traders while the total number of GST-registered traders is 2.05 lakh, reports Deccan Chronicle.

Principal secretary, commercial taxes department, Somesh Kumar said only 34,236 traders were responsible for 99.05 percent of the total tax collected, out of 2.05 lakh GST registered traders in the state.

“Even during the previous VAT regime, the trend was the same. About 32,000 traders out of 1.90 lakh VAT registered traders used to contribute 95 per cent of the total taxes collected. In the GST regime, over 34,000 traders have filed their first returns, which shows that there is no decrease in tax collection in the GST regime,” Kumar added.

Out of the total amount of the GST collected, the Centre got Rs 444 crore through various cesses. While Rs 781 crore was collected under SGST, Rs 878 crore was collected under IGST.

Another Rs 505 crore was collected under CGST. Kumar said the state will get a share in IGST, which will be credited to the account of the state government later.