GST Collection in July 2020 Dropped 14% from Same Month Last Year

Rs 87,422 crore GST revenue has been collected in July out of which SGST counts on Rs 21,418 crore, CGST is 16,147 crore, IGST is Rs 42,592 crore which includes Rs 20,324 crore that is negotiated on import of goods and Cess stood at Rs 7,265 crore which includes Rs 807 crore collected on goods imported.

As the regular settlement, Indian Government settled Rs 23,230 Crore for CGST also Rs 18,838 crore has been settled to SGST from IGST. In the month of July, the total revenue earned by the Govt of India is Rs 39,467 crore for CGST and Rs 40,256 crore for SGST.

In the corresponding month previous year, the GST collections for the same month is 86% from the last year. During the month the revenues from the corresponding import of goods were 84% and 96% was from import services in the last year’s same month.

The revenue of the current month was higher than the last month. But it should be noted that Several taxpayers have paid tax and give relief The union finance minister Nirmala Sitharaman has finally taken some relief measures on the basis of currently widespread coronavirus pandemic. Read more in the pandemic in previous month of February, March, and April 2020. The taxpayer’s whose turnover is less than 5 crores has given relaxation till September 2020.