Tribune News Service
New Delhi, August 1
The Union Government drew satisfaction from the latest GST collection figures, which were 86 per cent of the revenue in the same month last year. This is despite the fact that taxpayers with turnover less than Rs 5 crore continue to enjoy relaxation of filing returns till September 2020.
The Finance Ministry said the gross GST revenue in July this year was Rs 87,422 crore, which was only around Rs 15,000 crore less than the figure for July 2019 (Rs 1.02 lakh crore) when there were no Covid-related disruptions.
During July 2020, the revenue from import of goods was 84 per cent and from domestic transactions (including import of services) 96 per cent of the income from these sources during the same month last year, said a Finance Ministry statement.
Revenue for June 2020 was higher than the GST collection in July 2020 by about Rs 2,500 crore. But June was an aberration because a large number of taxpayers paid taxes for February, March and April in the month of June. Compared with May 2020, collections in July 2020 have been higher by Rs 25,400 crore, indicating that industrial activity is getting back on track.
PM Narendra Modi’s exhortation to bankers to step up flow of credit to corporates and MSMEs is aimed at further stepping up industrial activity.
The revenue of Rs 87,422 crore in July 2020 comprised CGST worth Rs 16,147 crore, SGST Rs 21,418 crore, IGST Rs 42,592 crore (including Rs 20,324 crore on import of goods) and cess Rs 7,265 crore.
The government has settled Rs 23,320 crore towards CGST and Rs 18,838 crore towards SGST from the IGST as regular settlement. The total revenue earned by the Centre and state governments after regular settlement in July was Rs 39,467 crore as CGST and Rs 40,256 crore SGST.