GST Collections Drop to Rs 87,422 Crore in July

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The ministry extra acknowledged although the June collections had been bigger than that in July, nonetheless, it is vitally essential discover that in the midst of the sooner month, a number of taxpayers moreover paid taxes pertaining to February, March and April 2020 on account of the help provided on account of COVID-19.

  • PTI
  • Last Updated: August 1, 2020, 4:50 PM IST

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GST collections in July fell to Rs 87,422 crore from Rs 90,917 crore in June, in accordance with a Finance Ministry assertion. However, July collections are bigger than Rs 62,009 crore in May and Rs 32,294 crore in April.

“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,” a finance ministry assertion acknowledged. The revenues for the month are 86 per cent of the GST revenues within the an identical month ultimate yr.

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The ministry extra acknowledged although the June collections had been bigger than that in July, nonetheless, it is vitally essential discover that in the midst of the sooner month, a number of taxpayers moreover paid taxes pertaining to February, March and April 2020 on account of the help provided on account of COVID-19. It may also be well-known that the taxpayers with turnover decrease than Rs 5 crore proceed to have the benefit of relaxation in submitting of returns till September 2020.

Source: Data18