GST collections fall to Rs 87,422 crore in July from Rs 90,917 crore in June

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New Delhi: GST collections in July fell to Rs 87,422 crore from Rs 90,917 crore in June, according to a Finance Ministry statement.

However, July collections are higher than Rs 62,009 crore in May and Rs 32,294 crore in April. "The gross GST revenue collected in the month of July 2020 is Rs 87,422 crore of which CGST is Rs 16,147crore, SGST is Rs 21,418 crore, IGST is Rs 42,592 crore (including Rs 20,324 crore collected on import of goods) and Cess is Rs 7,265 crore," a finance ministry statement said.

The revenues for the month are 86 percent of the GST revenues in the same month last year.

The ministry further said although the June collections were higher than that in July, 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 the filing of returns till September 2020.



from Firstpost India Latest News https://ift.tt/3k5rGBG
Press Trust of India

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