GST collections in August stand at Rs 86,449 cr; COVID-19 outbreak badly hits revenue

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The GST collection during the same period the previous year was Rs 98,202 crore and it was at Rs 102,083 crore in July 2019

The GST revenue collection in August declined to Rs 86,449 crore as compared to the figure of Rs 87,422 crore collected in the previous month, said a government data on Tuesday.

The decline in the GST collections is due to COVID-19 outbreak and subsequent national lockdowns. 

Of the total Goods and Services Tax (GST) collected in August, CGST share is Rs 15,906 crore, SGST is Rs 21,064 crore, IGST is Rs 42,264 crore (including Rs 19,179 crore collected on import of goods) and Cess is Rs 7,215 crore (including Rs 673 crore collected on import of goods), said Union Ministry of Finance.

The GST collection during the same period the previous year was Rs 98,202 crore and it was at Rs 102,083 crore in July 2019.

The government has settled Rs 18,216 crore to CGST and Rs 14,650 crore to SGST from IGST as regular settlement.

The total revenue earned by the Central government and the state governments after regular settlement in the month of August, 2020 is Rs 34,122 crore for CGST and Rs 35,714 crore for the SGST.

The revenues for the month are 88 percent of the GST revenues in the same month last year.

During the month, the revenues from import of goods were 77 percent and the revenues from domestic transaction (including import of services) were 92 percent of the revenues from these sources during the same month last year.

It may also be noted that the taxpayers with turnover less than Rs 5 crore continue to enjoy relaxation in filing of returns till September.

The Centre last week said that the GST collection has been severely impacted due to COVID-19 outbreak early this year.

Image credit: File photo

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