Print   Close

Coronavirus impact: July GST collections dips 14.6% to Rs 87,422 crore

BusinessToday.In     August 1, 2020

Goods and service tax (GST) collections for July 2020 stood at Rs 87,422 crore, lower than Rs 90,917 crore collected in the previous month, the department of revenue said Saturday. Of the Rs 87,422 crore, Rs 16,147 crore was collected as CGST, Rs 21,418 crore as SGST, Rs 42,592 crore (including Rs 20,324 crore collected on import of goods) as IGST and Rs 7,265 crore (including Rs 807 crore collected on import of goods) as Compensation Cess.

"The revenues for the last month were higher than the current month. However, it is important to note that during the previous month, a large number of taxpayers also paid taxes pertaining to February, March and April 2020 on account of the relief provided due to COVID-19. It may also be noted that the taxpayers with turnover less than Rs 5 core continue to enjoy relaxation in filing of returns till September 2020," the revenue department said.

The revenues for the month were 86 per cent of the GST revenues in the same month last year. In July 2019, government's GST mop up was Rs 1.02 lakh crore.

During the month, the revenues from import of goods were 84 per cent and the revenues from domestic transaction (including import of services) were 96 per cent of the revenues from these sources during the same month last year.

The government said it 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, 2020 was Rs 39,467 crore for CGST and Rs 40,256 crore for the SGST.

Also Read: GST collection jumps 46% to Rs 90,917 crore in June compared to May; declines 9% YoY

URL for this article :
@ Copyright 2019 India Today Group.