Gross GST collection in August at Rs 86,449 crore: Finance Ministry
Published on September 1, 2020 | News Source: ANI
New Delhi , September 1 The gross Goods and Services Tax (GST) revenue collected in the month of August is Rs 86,449 crore, including Rs 15,906 crore in CGST, Rs 21,064 crore in SGST, Rs 42,264 crore in IGST and and Rs 7,215 crore in Cess, the Union Ministry of Finance said on Tuesday.
According to the ministry, the gross GST collection in August fell Rs 979 crore as compared to Rs 87,422 crore in July this year and Rs 11,753 crore as compared to the corresponding period last year. "The government has settled Rs 18,216 crore to CGST and Rs 14,650 crore to SGST from IGST as regular settlement. The total revenue earned by the Central government and the state governments after regular settlement in the month of August 2020 is Rs 34,122 crore for CGST and Rs 35,714 crore for the SGST," the Ministry of Finance said in a statement.
"The revenues for the month are 88 per cent of the GST revenues in the same month last year. During the month, the revenues from import of goods were 77 per cent and the revenues from the domestic transaction (including import of services) were 92 per cent of the revenues from these sources during the same month last year," the statement said.
The Ministry of Finance, however, noted that the taxpayers with turnover less than Rs 5 crore continue to enjoy relaxation in the filing of returns till September. This comes as the economy has been hit by the ongoing COVID-19 pandemic and restrictions imposed to prevent its spread.
The Indian economy has contracted by 23.9 per cent in the April to June quarter (Q1 FY21), marking the first contraction in more than 40 years as the COVID-19 pandemic compressed consumer demand and private investments, government data showed on Monday.