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Budget News

  • GST Collection Drops 14% On Year In July
  • August 03,2020  10:12
  • The gross GST revenue collected in the month of July, 2020 is Rs 87,422 crore of which CGST is Rs 16,147 crore, SGST is Rs 21,418 crore, IGST is Rs 42,592 crore (including Rs 20,324 crore collected on import of goods) and Cess is Rs 7,265 crore (including Rs 807 crore collected on import of goods).

    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 Central Government 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 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. The taxpayers with turnover less than Rs 5 core continue to enjoy relaxation in filing of returns till September 2020.

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