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GST collection drops 9% to `90,917 crore
The Covid-19 induced shrinking of economic activity for past few months has continued to have its impact on government's tax collections with revenue under the Goods and Services Tax (GST) falling far below the psychological level of Rs 1 lakh crore to Rs 90,917 crore in June.
New Delhi: The Covid-19 induced shrinking of economic activity for past few months has continued to have its impact on government's tax collections with revenue under the Goods and Services Tax (GST) falling far below the psychological level of Rs 1 lakh crore to Rs 90,917 crore in June.
The June collections, which is 91 per cent of last years numbers, is however, a recovery from previous two months when Covid-19 induced lockdowns and severe disruptions in economic activities resulting in GST collections nosediving to all time low levels. The GST collections for the month of April was Rs 32,294 crore which was mere 28 per cent of the revenue collected during the same month last year and the GST collections for the month of May was Rs 62,009 crore which was 62 per cent of the revenue collected during the same month last year.
Accordingly, the GST collections for the first quarter of the year (FY21) is at a low of 59 per cent of the revenue collected during the same quarter last year. But, with a large number of taxpayers still have time to file their return for the month of May, 2020, government hopes that final numbers would go up.
Out of the total GST collection of Rs 90,917 crore for June, CGST was Rs 18,980 crore, SGST was Rs 23,970 crore, an official statement said.
IGST collection stood at 40,302 crore (including Rs 15,709 crore collected on imports) and Cess collected was Rs 7,665 crore (including Rs 607 crore collected on imports). The government has settled Rs 13,325 crore to CGST and Rs 11,117 crore to SGST from IGST as regular settlement.
