Gross GST revenue in July 2020 at Rs 87,422 crore was 86 per cent of collections recorded in the same month last year.
Goods and Services Tax collections in India are limping back to normalcy with the government clocking gross GST revenue of Rs 87,422 crore in July 2020. The GST collection for July 2020 is 86 per cent of the revenue recorded in the same month last year.
Out of the total revenue collection in July (Rs 87,422 crore), CGST (Central Goods and Services Tax) accounted for Rs 16,147 crore while SGST (States Goods and Services Tax) collection was Rs 21,418 crore and Integrated Goods and Service Tax (Integrated Goods and Services Tax) accounted for Rs 42,592 crore, including Rs 20,324 crore collected on the import of goods.
In addition, Rs 7,265 crore was collected as cess, including Rs 907 crore collected on the import of goods. The total revenue earned by the Central and state governments after regular settlement in the month of July 2020 was Rs 39,467 crore (CGST) and Rs 40,256 crore (IGST).
In comparison, revenues from import of goods in July 2020 were 84 per cent of the same in July of 2019.
Revenues from domestic transactions in July 2020, including collections from import of services, were 96 per cent of revenues recorded in July of 2019.
Taxpayers with turnovers less than Rs 5 crore continue to take advantage of relaxation in the filing of returns till September 2020.
According to the Union Ministry of Finance, revenues from domestic transactions in June of this year were higher than July 2020 since taxpayers paid taxes pertaining to February, March and April owing to novel coronavirus relief.
A top industry leader said that generation of E-way bills being generated on a daily basis that the supply chain is returning to normal which can be taken as a sign that collections are stabilizing. However, imports remain to be lower than domestic output.