GST Revenue collection for June, 2020

1 minute, 58 seconds Read

The gross GST revenue collected in 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 government has settled Rs 13,325 crore to CGST and Rs 11,117 crore to SGST from IGST as regular settlement. The total revenue earned by the Central Government and the State Governments after regular settlement in June 2020 is Rs 32,305 crore for CGST and Rs 35,087 crore for the SGST.

The revenues for the month are 91% of the GST revenues in the same month last year. During the month, the revenues from import of goods were 71% and the revenues from the domestic transactions (including import of services) were 97% of the revenues from these sources during the same month last year. During June, returns of February, March, and April 2020 have also been filed in addition to some returns of May 2020 since the Government has allowed a relaxed schedule for the filing of GST returns. Some returns of May 2020, which would have otherwise got filed in June 2020, will get filed during the first few days of July 2020.

The revenues during the financial year have been impacted due to COVID-19, firstly due to the economic impact of the pandemic and secondly due to the relaxations are given by the Government in the filing of returns and payment of taxes due to the pandemic. However, figures for the past three months show recovery in GST revenues. The GST collections for April were Rs 32,294 crore which was 28% of the revenue collected during the same month last year and the GST collections for May were Rs 62,009 crore which was 62% of the revenue collected during the same month last year. The GST collections for the first quarter of the year is 59% of the revenue collected during the same quarter last year. However, a large number of taxpayers still have time to file their return for May 2020.

The chart shows trends in monthly gross GST revenues during the current year. The table shows the state-wise figures of GST collected in each State during June 2020 as compared to June 2019 and for the full year.

Source: PIB

Table: State-wise GST collection for April 2020 [Note 1]

Source: PIB

Note 1 :Does not include GST on import of goods

Source: Press Information Bureau Government of India (Ministry of Finance)

EduTaxTuber Team

EduTaxTuber Team

We are here to help for every updates related to everything...👍📙👍📗

Similar Posts

Leave a Reply