The monthly GST collection seems to be slowly picking up with Rs 90,917 crore collected in June 2020, a sharp month-on-month jump of 46%. GST collection in May was Rs 62,000 crore and Rs 32,294 crore in April. GST collections fell sharply due to lockdown imposed due to the coronavirus outbreak.
However, the collections are yet to reach the pre-Covid levels when monthly collections were regularly touching Rs 1 lakh crore. The June collections showed a year-on-year decline of 9%.
The spike in June could partly be due to the fact that returns of the month of April, March as well as some returns of February were filed in the month of June 2020. The government has extended the filing dates for February, March, April and May due to the lockdown. Some returns for May 2020, which would have otherwise got filed in June, will get filed during first few days of July.
Of the Rs 90,917 crore, Rs 18,980 crore was collected as CGST, Rs 23,970 crore as SGST, Rs 40,302 crore (including Rs 15,709 crore collected on import of goods) as IGST and Rs 7,665 crore (including Rs 607 crore collected on import of goods) as Compensation Cess. The government has settled Rs 13,325 crore to CGST and Rs 11,117 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 June 2020 is Rs 32,305 crore for CGST and Rs 35,087 crore for the SGST.
According to the revenue department GST collections for the first quarter of the year is 41% lower than the revenue collected during the same quarter last year. The collection for April was Rs 32,294 crore, which was 72% less than the revenue collected during the same month last year and the collection in May was Rs 62,009 crore, 38% lower than the revenue collected during the same month last year.
Also read: Now pay GST on purchase of plots too