new Delhi. Goods and Services (GST) tax collections declined in July despite a gradual opening of the economy following the Corona virus lockdown. According to the data released by the Ministry of Finance, during July 2020, a total GST collection of Rs 87,422 crore was collected. Earlier, the GST collection in June was Rs 90,917 crore. 3495 crore less GST in July as compared to June.
Compared to May and April, July collection is more. The government received 62009 crore rupees in GST collection in May and 32,294 crore rupees in April. The Finance Ministry said in its statement that the gross GST revenue collection in July 2020 stood at Rs 87,422 crore. This includes CGST of Rs 16,147 crore, SGST of Rs 21,418 crore and IGST of Rs 42,592 crore (including Rs 20,324 crore collected on import of goods) and Rs 7,265 crore of cess.
GST Collection trends
The revenue collected in June this year is 86 percent of the total GST revenue received in the same month last year. The Finance Ministry stated that the GST collection for June was higher than that of July, it is important to note here that during the previous month, a large number of taxpayers also paid tax in the months of February, March and April in the month of June Was. The government had given taxpayers an exemption in deposit of tax due to Kovid-19.
The ministry said that it should also be noted that taxpayers with annual turnover below Rs 5 crore have been exempted from filing returns till September 2020.
This post was published on August 1, 2020 11:24 pm
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