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

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


Any fall in tax collections will increase the danger of fiscal slippage

The authorities collected GST or Goods and Services Tax stood at Rs 87,422 crore final month, knowledge from the Finance Ministry’s Department of Revenue confirmed on Saturday. That marked a decline of 3.84 per cent in contrast to June, and 14.36 in contrast to July 2019. The authorities had collected Goods and Services Tax of Rs 90,917 crore in June 2020 and Rs 1,02,083 crore in July 2019. Out of the full gross income collected in July, CGST or central items and companies tax accounted for Rs 16,147 crore, SGST (state items and companies tax) Rs 21,418 crore and IGST (built-in GST) Rs 42,592 crore (together with Rs 20,324 crore collected on imports), in accordance to the official assertion.

Total income earned by central and state governments after common settlement throughout the month stood at Rs 39,467 crore in case of CGST and Rs 40,256 crore in case of SGST, the assertion added. The revenues have been 86 per cent in contrast to the corresponding interval final 12 months.

Any fall in tax collections will increase the danger of fiscal slippage at a time when the nation’s already-slowing economic system is struggling in opposition to the coronavirus pandemic and the consequential months-long lockdown.

In June, numerous assessees paid taxes pertaining to the February-April interval on account of the aid offered due to the COVID-19 pandemic, the income division stated.

In the primary 4 months of present monetary 12 months (April-July), the federal government’s assortment of Goods and Services Tax declined 34.48 per cent to Rs 2,72,662 crore in contrast to the year-ago interval, official knowledge confirmed.

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