GST collections drop to Rs 87,422 crore in July

New Delhi, August 1 

GST collections in July fell to Rs 87,422 crore from Rs 90,917 crore in June, in keeping with a Finance Ministry assertion.

However, July collections are greater than Rs 62,009 crore in May and Rs 32,294 crore in April.

 “The gross GST revenue collected in the month of July, 2020 is Rs 87,422 crore of which CGST is Rs 16,147crore, SGST is Rs 21,418 crore, IGST is Rs 42,592 crore (including Rs 20,324 crore collected on import of goods) and Cess is Rs 7,265 crore,” a finance ministry assertion mentioned.

 The revenues for the month are 86 per cent of the GST revenues in the identical month final yr.

 The ministry additional mentioned though the June collections had been greater than that in July, nonetheless, it is very important be aware that throughout the earlier month, a lot of taxpayers additionally paid taxes pertaining to February, March and April 2020 on account of the aid supplied because of COVID-19.

 It may be famous that the taxpayers with turnover lower than Rs 5 crore proceed to get pleasure from leisure in submitting of returns until September 2020. PTI


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