October 25, 2020

GST collections drop to Rs 87,422 crore in July – enterprise information

GST collections in July fell to Rs 87,422 crore from Rs 90,917 crore in June, based on a Finance Ministry assertion.

Nevertheless, July collections are larger than Rs 62,009 crore in Might and Rs 32,294 crore in April.

“The gross GST income collected within 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 (together with Rs 20,324 crore collected on import of products) and Cess is Rs 7,265 crore,” a finance ministry assertion mentioned. The revenues for the month are 86 per cent of the GST revenues in the identical month final yr.

The ministry additional mentioned though the June collections had been larger than that in July, nonetheless, you will need to observe that in the course of the earlier month, numerous taxpayers additionally paid taxes pertaining to February, March and April 2020 on account of the reduction offered as a result of Covid-19.

It could even be famous that the taxpayers with turnover lower than Rs 5 crore proceed to take pleasure in leisure in submitting of returns until September 2020.