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August 1, 2020

Encouraging GST Revenue collection for July 2020

by facelesscompliance in GST

Encouraging GST Revenue collection for July 2020

₹ 87,422 crore 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 crore collected on import of goods) and Cess is ₹7,265 crore (including ₹ 807crore collected on import of goods).

The government has settled ₹ 23,320 crore to CGST and ₹ 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 ₹ 39,467 crore for CGST and ₹ 40,256 crore 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 domestic transaction (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 filing of returns till September 2020.

The chart shows trends in monthly gross GST revenues during the current year. The table shows the state-wise figures of GST collected in each State during the month of July 2020 as compared to July, 2019 and for the full year.

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