Site iconSite icon SAG Infotech Official Tax Blog Upto 20% Off on Tax Software for You

Faridabad GST Collection Gets 22℅ Jump in July 2020

Recovery has been seen in GST collection which has seen a severe decline due to lockdown this year. Therefore since April, it has grown over five times in the past three months, with the rise in 21.92% from June and July this year.

Information collected by the Excise and Taxation department compiled the difference in tax collection as on July 31 the tax collected is Rs 165.91 crore against Rs 136.08 crore in June.

In comparison to 2019, the period between April and July has seen a shortfall which remains at 61.50 %, however the revenue has been collected by 5.22 times increase for three months. April 2020 has recorded the collection at Rs 31.78 crore during the lockdown. The collection was shot up to Rs 165.91 crore at the end of the July this year.

There is a rapid improvement as the collection went up to 132.08 crores from Rs 31.78 crore in April 2020, a straight increase of 100.3 crores. But in June the collection The collection of Goods and Services Tax (GST) for June 2020 has seen a downfall as compared to that in June 2019. Read more was 136.08 crore i.e only a rise of 4 crores. The monthly increase was reported at Rs 29.83 crores when the collection attains the value at Rs 165.91 crores in the month of July. thus the total collection stood at Rs 465.99 crore in April to July as compared to 1210.49 crores in the same period of the previous year which is still less with 61.5%. 

Due to Covid-19 along with the lock-down, a deep downfall has recorded in the overall economic activity which becomes the major reason for less collection of the revenue. As the financial activity has resumed thus the collection of GST was on the inflation and will cover the losses to an extent said by the Excise and Tax commissioner Ravindra Singh. For the financial year 2019-20, the total revenue collection is RS 3513.72 crore.

Exit mobile version