GST collections drop to Rs 87,422 crore in July
The central government drew satisfaction from the latest GST collection figures which were 86 per cent of the revenue in the same month last year.
The Finance Ministry reported gross GST revenue in the month of July, 2020, at Rs 87,422 crore, which is Rs 15,000 crore short as compared to the collections in July 2019 when there were no Covid related disruptions.
During the month, revenue from the import of goods was 84 per cent and from domestic transactions (including import of services) was 96 per cent of the income from these sources during the same month last year, said a Finance Ministry statement.
Revenue for June 2020 was higher than the GST collection in July 2020 by about Rs. 2,500 crore because a large number of taxpayers paid their taxes for February to April in the month of June.
The statement pointed out that the GST collection in July 2020 was 86 per cent of the figure in July 2019 although taxpayers with turnover less than Rs 5 core continue to enjoy relaxation in filing of returns till September 2020.
Of the revenue of Rs 87,422 crore, CGST is Rs. 16,147crore, SGST is Rs. 21,418 crore, IGST is Rs. 42,592 crore (including Rs. 20,324 crore collected on import of goods) and cess is Rs. 7,265 crore (including Rs. 807crore collected on import of goods).
The government has settled Rs. 23,320 crore to CGST and Rs. 18,838 crore to SGST from IGST as regular settlement. The total revenue earned by central government and the state governments after regular settlement in the month of July Rs. 39,467 crore for CGST and Rs. 40,256 crore for the SGST.