GST revenue collection falls 14% to Rs 87,422 cr in July due to COVID-19 outbreak, lockdown

National
Typography

The July GST collection fell nearly 4 percent as compared to Rs 90,917 crore collected during the last month

The Goods and Services Tax revenue collection during July declined more than 14 percent to Rs 87,422 crore as compared to the same period the previous year in the wake of coronavirus outbreak and subsequent national lockdown.

The Goods and Services Tax (GST) collection during July 2019 stood at 102,082 crore.

The July GST collection fell nearly 4 percent as compared to Rs 90,917 crore collected during the last month.

Of the total revenue collection made during July, the CGST is Rs 16,147 crore, SGST at Rs 21,418 crore, IGST at 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), said the Finance Ministry.

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 Cente and the state governments after regular settlement in the month of July 2020 is Rs 39,467 crore for CGST and Rs 40,256 crore for the SGST.

“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,” said the Finance Ministry.

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 revenues for the month are 86 percent of the GST revenues in the same month last year. During the month, the revenues from import of goods were 84 percent and the revenues from domestic transaction (including import of services) were 96 percent of the revenues from these sources during the same month last year.

Image credit: File photo

All Comments