Business

GST collections drop to ₹87,422 crore in July

The gross GST revenue collected in the month of July, 2020 is ₹87,422 crore of which CGST is ₹16,147crore, SGST is ₹21,418 crore, IGST is ₹ 42,592 crore.   | Photo Credit: AFP

GST collections in July fell to ₹87,422 crore from ₹90,917 crore in June, according to a Finance Ministry statement.

Also read: GST cess falls 42% short in FY20

However, July collections are higher than ₹62,009 crore in May and ₹32,294 crore in April.

“The gross GST revenue collected in the month of July, 2020 is ₹87,422 crore of which CGST is ₹16,147crore, SGST is ₹21,418 crore, IGST is ₹ 42,592 crore (including ₹20,324 crore collected on import of goods) and Cess is ₹7,265 crore,” a Finance Ministry statement said.

The revenues for the month are 86% of the GST revenues in the same month last year.

The Ministry further said although the June collections were higher than that in July, 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.

It may also be noted that the taxpayers with turnover less than ₹5 crore continue to enjoy relaxation in filing of returns till September 2020.


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Printable version | Oct 18, 2021 8:53:40 AM | https://www.thehindu.com/business/gst-collections-drop-to-87422-crore-in-july/article32247885.ece

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