GST revenue collection for July down 14% at Rs87,422 crore
03 August 2020
Gross GST revenue collection of the government in July 2020 stood at Rs87,422 crore, forming just 86 per cent of GST collected during the same month last year as the coronavirus pandemic continued to undermine economic activity, data released by the finance ministry showed.
Total GST revenue collected in July included CGST of Rs16,147 crore, SGST of Rs21,418 crore, IGST of Rs42,592 crore (including Rs20,324 crore on import of goods) and cess of Rs7,265 crore (including Rs807 crore collected on import of goods).
The government has transferred Rs23,320 crore towards CGST and Rs18,838 crore towards SGST from IGST as regular settlement. Total revenue earned by the central and state governments after regular settlement in July 2020 includes Rs39,467 crore of CGST and Rs40,256 crore of SGST.
During the month, revenue from import of goods formed 84 per cent of total revenue from imports during the year-ago period while revenue from domestic transaction (including import of services) stood at 96 per cent of the revenues from these sources during the same month last year.
Revenues in June 2020 were higher than for July 2020. However, GST collections in June included taxes pertaining to February, March and April 2020 as well, on account of the relief provided due to Covid-19. It may also be noted that the taxpayers with turnover less than Rs5 core continue to enjoy relaxation in filing of returns till September 2020.