July GST Collection Falls Over 14% to Rs 87,422 Crore

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The government’s collection of gross revenue from GST or goods and services tax stood at Rs 87,422 crore last month, official data showed on Saturday. That marked a decline of 14.36 compared to the corresponding period a year ago. GST collection had stood at Rs 1,02,083 crore in July 2019. The collection in July declined 3.84 per cent compared to the previous month. 

Out of the total gross revenue collected in July, CGST or central goods and services tax accounted for Rs 16,147 crore, SGST (state goods and services tax) Rs 21,418 crore and IGST (integrated GST) Rs 42,592 crore (including Rs 20,324 crore collected on imports), according to the official statement.

Any fall in tax collections increases the risk of fiscal slippage at a time when the country’s already-slowing economy is struggling against the coronavirus pandemic and the consequential months-long lockdown.

Total revenue earned by central and state governments after regular settlement during the month stood at Rs 39,467 crore in case of CGST and Rs 40,256 crore in case of SGST, the statement added. 

The revenues were 86 per cent compared to the corresponding period last year.

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