BackCovid-19 impact: July GST collection slips to ₹87,422 cr
On a sequential basis, the revenue collection dropped from June as govt had collected ₹90,917 crore in JuneOwing to pandemic, taxpayers with turnover less than ₹5 crore have relaxation in filing of returns till September 2020
PremiumThe gross GST revenue collected in July, 2020 is ₹87,422 crore, Ministry of Finance said on Saturday.
Of the ₹87,422 crore, CGST is ₹16,147 crore, SGST is ₹21,418 crore, IGST is ₹42,592 crore (including ₹20,324 crore collected on import of goods) and cess is ₹7,265 crore (including ₹807 crore collected on import of goods), the ministry said.
On a sequential basis, the revenue collection dropped from June. The government had collected ₹90,917 crore in June. In July 2019, government's GST mop up was ₹1.02 lakh crore.
The government has settled ₹ 23,320 crore to CGST and ₹ 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 is ₹ 39,467 crore for CGST and ₹ 40,256 crore for the SGST.
The revenues for the month are 86% of the GST revenues in the same month last year. During the month, the revenues from import of goods were 84% and the revenues from domestic transaction (including import of services) were 96% of the revenues from these sources during the same month last year.
"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 ₹5 crore continue to enjoy relaxation in filing of returns till September 2020," the ministry said.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
