GST Revenue Collection Continues to Decline.

Ministry of Finance announced on September 1st, 2020 that the Gross GST revenue collected in August 2020 is Rs. 86,449 Crores of which CGST is Rs. 15,906 Crores, SGST is Rs. 21,064 Crores, IGST is Rs. 42,264 Crores (including Rs. 19,179 Crores collected on import of goods) and Cess is Rs.7,215 crore (including Rs. 673 Crores collected on import of goods).

It said that the Central Government following the regular settlement process settled the amount of Rs. 18,216 Crores to CGST and Rs. 14,650 crore to SGST from IGST. And it also informed about, “The total revenue earned by 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.”

It was also observed that the revenues collected in August 2020 are 88% of the GST revenues collected in the same month last year. Also in August this year, the revenues collected from the Import of Goods were 77% and the revenues collected from the Domestic transaction (including import of services) were 92% of the revenues collected from these sources only as compared with the same month of the last year.

Ministry of Finance also reiterated that the taxpayers with turnover less than Rs. 5 Crores continue to enjoy relaxation in the filing of returns till September.

This chart shows trends in monthly gross GST revenues during the current year.

This table shows the state-wise figures of GST collected in each State during the month of August 2020 as compared to August 2019 and for the full year

With Warm Regards,

CL Bureau.