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GST Collection For July Falls By 14% Year-on-year Due To COVID-19; Down 3% From June: FM

GST collection in July 2020 stood at Rs 87,422 crore, a 14.3% decline year-on-year as compared to last year's revenue in July which stood at Rs 1,02,082 crore.

GST

Amid the COVID-19 pandemic which has hampered the economic activities across the country due to the lockdowns, the Goods and Services Tax (GST) revenue earned in the month of July 2020 stands Rs 87,422 crore. There is a 14.3% decline year-on-year as compared to the last year's revenue in July which stood at Rs 1,02,082 crore. Also, the GST revenue for the month of July 2020 is less than the previous month which stood at Rs 90,917 crore, a dip of 3.8%.

“The revenues for the last month [June 2020] 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," a finance ministry statement said. 

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"It may also be noted that the taxpayers with turnover less than Rs 5 crore continue to enjoy relaxation in the filing of returns till September 2020,” the statement added.

Of the Rs 87,422 crore GST revenue for July 2020, central GST (CGST) is Rs 16,147crore, the state GST (SGST) is Rs 21,418 crore and integrated GST (IGST) is Rs 42,592 crore. The cess collection in the month is Rs 7,265 crore, according to the finance ministry statement.

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.

According to the ministry's statement for the month of June 2020, the gross GST revenue collected in the month of June was Rs 90,917 crore of which CGST is Rs 18,980 crore, SGST is Rs 23,970 crore, IGST is Rs 40,302 crore (including Rs 15,709 crore collected on import of goods) and Cess is Rs 7,665 crore (including Rs 607 crore collected on import of goods). The government had settled Rs 13,325 crore to CGST and Rs 11,117 crore to SGST from IGST as regular settlement. The total revenue earned by the Central Government and the State Governments after regular settlement in the month of June 2020 was Rs 32,305 crore for CGST and Rs 35,087 crore for the SGST.

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