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Business Economy


Rs 87,422 cr gross GST revenue collected in July

Rs 87,422 cr gross GST revenue collected in July

New Delhi, Aug 1 (UNI) Even the Government Revenue Collection has also been affected due to the economy being affected by the lockdown to prevent Corona virus infection, and the GST revenue collection has decreased to Rs 87,422 crore in July this year from Rs 102,082 crore in the same month last year, a reduction of about 14 per cent.

The gross GST revenue collected in the month of July is Rs 87,422 crore including CGST at Rs 16,147crore, SGST at Rs 21,418 crore, IGST at Rs 42,592 crore (including Rs 20,324 crore collected on import of goods) and Cess Rs7,265 crore (including Rs 807crore collected on import of goods), according to a Finance ministry statement on Saturday.

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 July is Rs 39,467 crore for CGST and Rs 40,256 crore for the SGST.

The revenues for the month are 86 per cent of the GST revenues in the same month last year. During the month, the revenues from import of goods were 84 per cent and the revenues from domestic transaction (including import of services) were 96 per cent 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.

UNI RSA RJ 1956

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