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GST collection slumps 14 pc in July
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SME Times News Bureau | 01 Aug, 2020
The Covid-induced shrinking of economic activity for the past few months
continued to have its impact on government's tax collections with
revenue under the Goods and Services Tax (GST) falling far below the
psychological level of Rs 1 lakh crore to Rs 87,422 crore in July.
The
July collections, which is 84 per cent of last year's numbers, is
however, a recovery from the months of April and May when COVID-19
induced lockdowns and severe disruptions in economic activities
resulting in GST collections nosediving to all time low levels.
The
GST collections for the month of April was Rs 32,294 crore which was
mere 28 per cent of the revenue collected during the same month last
year and the GST collections for the month of May was Rs 62,009 crore
which was 62 per cent of the revenue collected during the same month
last year.
Only in June GST collections recovered to touch Rs 90,917 crore.
"The
revenues for the last month (June) 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 crore
continue to enjoy relaxation in filing of returns till September 2020,"
the finance ministry said in a statement.
Out of the total GST
collection of Rs 87,422 crore for July, CGST was Rs 16,147 crore, SGST
was Rs 21,418 crore, the official statement said.
IGST
collections stood at Rs 42,592 crore (including Rs 20,324 crore
collected on import of goods) and Cess collected was Rs 7,265 crore
(including Rs 807crore collected on import of goods).
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.
During July, the
revenues from import of goods were 84 per cent and the revenues from
domestic transaction (including import of services) were 96 per cent of
the revenues from these sources during the same month last year.
The
revenues during the financial year has been impacted due to COVID-19,
firstly due to the economic impact of the pandemic and secondly due to
the relaxations given by the Government in filing of returns and payment
of taxes due to the pandemic. However, figures of past four months show
recovery in GST revenues.
Among the states, July collections
have declined most in Uttarakhand, Delhi, Haryana, Jharkhand, Tamil
Nadu, Maharashtra, Jammu and Kashmir and West Bengal. Only states of
Rajasthan, Nagaland, Madhya Pradesh and Andhra Pradesh have shown growth
of GST revenue or have maintained same levels as last year in July.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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