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GST Revenue Collection In June Shows Signs Of Recovery

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The finance ministry on Wednesday disclosed a GST (Goods and Service Tax) revenue collection of Rs 90,917 crore of the month of June, up from Rs 62,009 crore mopped up in May and Rs 32,294 crore in April.

"The gross GST revenue collected in the month of June, 2020 is Rs. 90,917 crore of which CGST is Rs. 18,980 crore, SGST is Rs. 23,970 crore, IGST is Rs. 40,302 crore (including Rs. 15,709 crore collected on import of goods) and Cess is Rs. 7,665 crore (including Rs. 607 crore collected on import of goods)," the ministry's statement said.

 

Total GST revenues mop-up was 9 percent lower on a year-on-year basis in June.

GST Revenue Collection In June Shows Signs Of Recovery

During the month of June, returns of February, March, and April have also been filed in addition to some returns of May since the government has allowed a relaxed time schedule for the filing of GST returns. Some returns of May, which would have otherwise got filed in June, will get filed during the first few days of July.

The GST collections for the first quarter of the financial year 2020-21 is 59 percent of the revenue collected during the same quarter last year. However, a large number of taxpayers still have time to file their return for the month of May.

"The revenues during the financial year has been impacted due to COVID-19, firstly due to the economic impact of the pandemic and secondly due to the relaxations given by the government in filing of returns and payment of taxes due to the pandemic. However, figures of past three months show recovery in GST revenues," the finance ministry said.

The government had allowed a relaxed time schedule for the filing of GST returns and returns for the month of April, March as well as February got filed during June 2020.

Read more about: gst
Story first published: Wednesday, July 1, 2020, 16:03 [IST]
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