Goods And Services Tax collection has fallen to Rs.87,422 Crore in the month of July 2020, said Finance Ministry on 31st July 2020.
The Rs.87,422 Crore amount includes CGST (Central Goods And Services Tax) share of Rs.16,147 Crore and SGST (State Goods And Services Tax) share of Rs.21,418 Crore, IGST (Integrated Goods And Services Tax) share of Rs.42,592 Crore (including Rs.20,324 Crore collected on Import of Goods) and Cess of Rs.7,265 Crore (including Rs.807 Crore collected on Import Of Goods), quoted the ministry.
As regular settlement of Integrated Goods And Services Tax (IGST), the government settled Rs.23,320 Crore to CGST and Rs.18,838 Crore to SGST. After the regular settlement in July 2020, the total revenue earned by both Central Government and State Governments amounted to Rs.39,467 Crore for CGST and Rs.40,256 Crore for the SGST.
The GST revenue for the month of July 2020 is 86% of the previous year GST revenue for the same month (i.e. July 2019) also the revenues from Import of Goods for July 2020 is 84% of last year’s revenue for the same month.
The Revenue from Domestic Trade which also includes Import of Services revenue for the month of July 2020 is 96% of the last year’s revenue of July.
The Finance Ministry said that the revenues for the month of June was higher than that of July but the reason for this was that a large number of taxpayers has also paid the taxes for the months of February, March and April 2020 as relief was provided to them due to the Covid-19 pandemic.
“The Taxpayers with turnover less than Rs.5 Crore continue to enjoy the relaxation in the filing of returns till September 2020”, the ministry added.
With Warm Regards,
CL Bureau.
