Page 37 - GSTL_6th August 2020_Vol 39_Part 1

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Consumption, imports slump : GST collections fall 14.4% to
` 87,422 crore in July

Gross Goods and Services Tax (GST) collections declined 14.4 per cent to
` 87,422 crore in July (for sales in June), reflecting the consumption and imports
slump due to COVID-19 pandemic, data released by the Finance Ministry on 1-8-
2020 showed. The collections were also 3.8 per cent lower than ` 90,917 crore col-
lected in June.
The GST revenue reflected a pick-up in June amid easing of lockdown,
but it was due to delayed payments from previous months as return filing dead-
lines were extended. Cumulatively, the GST revenues have recorded a 34.5 per
cent decline during April-July (for sales in March-June).
“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,” the Finance Ministry statement
said.
Taxpayers with turnover less than ` 5 crore continue to enjoy relaxation
in filing of returns till September, 2020, it added.
The GST revenues in July are 85.6 per cent of the same month last year,
of which the revenues from the import of goods were 84 per cent and the reve-
nues from domestic transactions (including import of services) were 96 per cent
compared with last year.
Of the ` 87,422 crore collected in July, Central GST is ` 16,147 crore, State
GST is ` 21,418 crore, Integrated GST is ` 42,592 crore (including ` 20,324 crore
collected on import of goods) and Cess is ` 7,265 crore. The Government settled
` 23,320 crore to CGST and ` 18,838 crore to SGST from IGST as regular settle-
ment, after which the total revenue earned by Centre is ` 39,467 crore as CGST
and for States is ` 40,256 crore as SGST. Detailed break-up for GST collections
raised in various States showed that barring Rajasthan, Madhya Pradesh, Naga-
land and Andhra Pradesh most States recorded a decline in GST collections in
July.

GST LAW TIMES  6th August 2020  37