GST Collection in August 2020: The Centre and States collected Rs 86,449 crore in GST revenue in August this year, a decline of Rs 11,753 crores in comparison with the GST collected during the same month last year.
Finance ministry said GST collection in June is 88% of the GST collected during the same month last year.
“The gross GST revenue collected in the month of August, 2020 is Rs 86,449 crore of which CGST is Rs 15,906 crore, SGST is Rs 21,064 crore, IGST is Rs 42,264 crore,” finance ministry said in a release.
The Centre said the IGST includes Rs 19,179 crore collected on import of goods while the GST Cess accounts to Rs 7,215 crore, including Rs 673 crore Cess collected on import of goods.
“It may be noted that the taxpayers with turnover less than Rs 5 crore continue to enjoy relaxation in filing of returns till September,” finance ministry said.
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GST collection declines for second straight month
GST collection was at Rs 32,172 crores in April this year when the country was under complete nationwide lockdown that was imposed to slow down the community spread of the novel coronavirus. However, GST collection improved to Rs 62,152 crores in May and even touched the figure of Rs 90,917 crores in June this year.
This year’s June GST collection touched 91% of the GST collection during the same month last year, a decline of just Rs 9,022 crores despite the severe adverse economic impact of the Covid-19 virus.
Finance Minster Nirmala Sitharaman
A noticeable improvement in the GST collection in June suggested that Indian economy was slowly limping back to normalcy.
However, the GST Collection declined for the next two month, raising concerns over the true nature of recovery of economic activity.
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GST Collection, which was Rs 90,917 crores in June declined by Rs 3,495 crores in July and further declined by Rs 973 crores to come down to Rs 86,449 crores in August this year.
The Central government has settled Rs 18,216 crore to CGST and Rs 14,650 crore to SGST from IGST as regular settlement, said the finance ministry.
The total revenue earned by the Centre and States after regular settlement in the month of August stand at Rs 34,122 crore for CGST and Rs 35,714 crore for the SGST.
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Finance ministry said during the month, the revenues from import of goods were 77% and the revenues from domestic transaction (including import of services) were 92% of the revenues from these sources during the same month last year.
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