GST Revenue Collection Dropped in FY 2020-21
After analyzing the trend chart for the past 4 months and corresponding months in the previous financial year. There is a downfall that continues in the total monthly GST collection from the last 4 months. The reason will be obvious and the same is happened due to the COVID-19 pandemic.
✅₹87,422 crore gross #GST revenue collected in July
— Ministry of Finance (@FinMinIndia) August 1, 2020
✅The revenues for the month are 86% of the GST revenues in the same month last year.
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₹ 87,422 crores gross GST revenue collected 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 (including ₹ 20,324 crores collected on import of goods) and Cess is ₹7,265 crore (including ₹ 807 crores collected on import of goods).
The government has settled ₹ 23,320 crores to CGST and ₹ 18,838 crores to SGST from IGST as regular settlement. The total revenue earned by the Central Government and the State Governments after regular settlement in the month of July 2020 is ₹ 39,467 crores for CGST and ₹ 40,256 crores for the SGST.
The revenues for the month are 86% of the GST revenues in the same month last year. During the month, the revenues from import of goods were 84%and the revenues from the domestic transactions (including import of services) were 96% 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. It may also be noted that the taxpayers with turnover less than ₹ 5 core continue to enjoy relaxation in the filing of returns till September 2020.
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