GST revenue collection at Rs 90917 crore in June
New Delhi: Goods and Service Tax (GST) income assortment stood at Rs 90917 crore in June, official information confirmed on Wednesday.
“The gross GST revenue collected in the month of June, 2020 is Rs 90,917crore of which CGST is Rs. 18,980crore, SGST is Rs. 23,970crore, IGST is Rs. 40,302crore (including Rs. 15,709 crore collected on import of goods) and Cess is Rs.7,665 crore (including Rs. 607crore collected on import of goods),” an official launch mentioned.
The authorities has settled Rs 13,325 crore to CGST and Rs 11,117 crore to SGST from IGST as common settlement. The whole income earned by Central Government and the State Governments after common settlement within the month of June, 2020 is Rs. 32,305 crore for CGST and Rs. 35,087 crore for the SGST, information confirmed.
The revenues for the month are 91 % of the GST revenues in the identical month final yr. During the month, the revenues from import of products have been 71 % and the revenues from home transaction (together with import of companies) have been 97 % of the revenues from these sources throughout the identical month final yr.
During the month of June, returns of February, March, and April 2020 have additionally been filed along with some returns of May 2020 since Government has allowed a relaxed time schedule for submitting of GST returns.
Some returns of May 2020, which might have in any other case bought filed in June 2020, will get filed throughout first few days of July 2020.
The revenues through the monetary yr has been impacted as a result of COVID-19, firstly as a result of financial influence of the pandemic and secondly as a result of relaxations given by the Government in submitting of returns and cost of taxes as a result of pandemic.
However, figures of previous three months present restoration in GST revenues. The GST collections for the month of April was Rs. 32,294 crore which was 28 % of the income collected throughout the identical month final yr and the GST collections for the month of May was Rs. 62,009 crore which was 62%of the income collected throughout the identical month final yr.
The GST collections for the primary quarter of the yr is 59%of the income collected throughout the identical quarter final yr. However, a lot of taxpayers nonetheless have time to file their return for the month of May, 2020
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