India collects $14.5 billion from GST in July

 

India collects $14.5 billion from GST in July
An illuminated Indian Parliament ahead of the midnight launch of the Goods and Services Tax in New Delhi.

new delhi - The amount was some $200 million more than forecast for July

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Published: Wed 30 Aug 2017, 8:13 PM

Last updated: Wed 30 Aug 2017, 10:16 PM

India collected nearly $14.5 billion from a new goods and services tax in its first month of operation, well beyond government estimates, according to official data.

The government promised that the national tax, which replaced more than a dozen separate levies, would transform India's $2 trillion economy into a single market for the first time.

In the first month of collection, the tax netted just short of $14.5 billion, some $200 million more than forecast for July, data from the finance ministry showed.

"We have exceeded the target," Finance Minister Arun Jaitley was quoted by the Press Trust of India as saying Tuesday.

More than 60 per cent of businesses which registered in July to comply with the new tax had filed returns, the data showed. - AFP


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