GST revenue collection lower at Rs86,449 cr in August
01 Sep 2020
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Gross collection of Goods and Services Tax revenue in August 2020 declined to Rs86,449 crore from Rs87,422 crore collected in the previous month. GST collection for August this year in percentage terms, however, was higher at 88 per cent of the GST revenues in the same month last year data released by the finance ministry showed.
Of the total GST collection of Rs86,449 crore, CGST collection had a share of Rs15,906 crore, SGST Rs21,064 crore and IGST Rs42,264 crore (including Rs19,179 crore collected on import of goods) while cess collection stood at Rs7,215 crore (including Rs673 crore collected on import of goods).
The government has apportioned Rs18,216 crore to CGST and Rs14,650 crore to SGST from IGST as regular settlement. Total revenue earned by the centre and the state governments after regular settlement in August 2020 comprised Rs34,122 crore of CGST and Rs35,714 crore of SGST.
Revenues for the month are 88 per cent of the GST revenues in the same month last year. Revenues from import of goods were 77 per cent and that from domestic transaction (including import of services) were 92 percent of the revenues from these sources during the same month last year. It may also be noted that the taxpayers with turnover less than Rs5 crore continue to enjoy relaxation in filing of returns till September.
