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GST collections fall to Rs 87,422 crore in July from Rs 90,917 crore in June

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GST collections fall to Rs 87,422 crore in July from Rs 90,917 crore in June

Nonetheless, July collections are larger than Rs 62,009 crore in Could and Rs 32,294 crore in April.

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

Nonetheless, July collections are larger than Rs 62,009 crore in Could and Rs 32,294 crore in April. “The gross GST income collected within 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 (together with Rs 20,324 crore collected on import of products) and Cess is Rs 7,265 crore,” a finance ministry assertion stated.

The revenues for the month are 86 p.c of the GST revenues in the identical month final 12 months.

The ministry additional stated though the June collections have been larger than that in July, nonetheless, you will need to 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 offered as a consequence of COVID-19.

It could even be famous that the taxpayers with turnover lower than Rs 5 crore proceed to take pleasure in rest within the submitting of returns until September 2020.

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