Finance Ministry on Saturday reported collection of ₹87,422 crore from Goods & Services Tax (GST) in the month of July. Though, it is less than ₹90,000 crore plus collection in June, it shows more realistic picture of industrial activities.
The revenues for the month are 86 per cent of the GST revenues in the same month last year. During the month, the revenues from import of goods were 84 per cent and the revenues from domestic transaction (including import of services) were 96% from these sources during the same month last year.
“The revenues for the last month were higher than the current month. However, it is important to note that during the previous month, a large number of taxpayers also paid taxes pertaining to February, March and April 2020 on account of the relief provided due to Covid-19,” a Finance Ministry statement said. Further, it emphasized that taxpayers with turnover less than ₹ 5 core continue to enjoy relaxation in filing of returns till September this year.
Out of total collection in July, CGST amounted to ₹16,147 crore, SGST was ₹21,418 crore, IGST accounted for ₹42,592 crore (including ₹20,324 crore collected on import of goods) and mobilization through cess was ₹7,265 crore (including ₹ 807 crore collected on import of goods).
The government has settled ₹23,320 crore to CGST and ₹18,838 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in July this year is ₹ 39,467 crore for CGST and ₹ 40,256 crore for the SGST.
In terms of States and Union Territories, barring Rajasthan, Madhya Pradesh and Andhra Pradesh, all other registered lower growth compared to July of last fiscal. Interestingly, Andhra Pradesh recorded similar figure while MP saw increase of mere ₹7 crore.
Table
GST collection in key States/UTs
(In ₹ crore)