Top News
Next Story
NewsPoint

India's July GST collection dips 14% to Rs. 87422 Cr India Microfinance Market to Grow at 40% by 2025 : TechSci… Lockdown impact : Odisha tax revenue slips 37% in Apr-June… India's Q1 GST collection plunges 59%, June Collection improves… Modi kick-starts auction process of 41 coal blocks for commercial…

Send Push
Biznext
01st August, 2020 17:44 IST

New Delhi : India’s GST collection has slipped by 14 per cent to Rs.87422 Crore in July 2020 from Rs. 102082 crore in July 2019. On month-on-month basis the GST collection has dropped by 3.8 per cent as against Rs. 90917 Crore in June 2020.

“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 (including Rs. 807crore collected on import of goods)” said the data released by the Finance Ministry.

image

“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” it added.

“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. It may also be noted that the taxpayers with turnover less than Rs. 5 core continue to enjoy relaxation in filing of returns till September 2020” said Finance Ministry.

Explore more on Newspoint
Loving Newspoint? Download the app now