The collection of Goods and Services Tax (GST) has been less in the month of July. At the same time, there has been a slight improvement in electricity consumption but still a decline compared to last year.
GST collection of Rs 87,422 crore in JulyMinor improvement in power consumption, still less than last year
On the first day of the new month, two important figures related to the country’s economy have been released. The first figure is for the July GST collection, while the second data is telling what was the situation of electricity consumption in the last month.
Decline in GST collection
According to government figures, the GST collection has come down from Rs 90,917 crore in June to Rs 87,422 crore in July. However, the July collection is more than Rs 62,009 crore in May and Rs 32,294 crore in April.
According to a statement from the Finance Ministry, “Gross GST revenue collection stood at Rs. 87,422 crore in July 2020, with Central GST at Rs. 16,147 crore, State GST at Rs. 21,418 crore and Integrated GST at Rs. 42,592 crore.” The integrated GST includes a tax of Rs 20,324 crore collected on the import of goods.
The ministry said that the GST collection for July is lower than that of June, but it is important to note that a large number of taxpayers in June paid taxes related to February, March and April 2020. Explain that taxpayers were provided relief from GST payments in February, March and April in the wake of Corona virus epidemic.
Slight increase in power consumption
Due to increasing economic activity, electricity consumption registered a slight increase in July and it stood at 113.48 billion units. At the same time, in July last year, electricity consumption was 116.48 billion units. It is obvious that the situation is still not normal. But it is expected that power consumption will reach its normal level in August.
Let us tell you that the government imposed a lockdown across the country from March 25, 2020 to stop the spread of Kovid-19. This led to a huge decline in the commercial and industrial demand and expenditure of electricity. In June, electricity consumption was down by 10.93 percent to 105.08 billion units. Similarly, the consumption of electricity in the country decreased by 14.86 percent in May and 23.21 percent in April.