GST collection dips to Rs 86,449 crore for August, 12% lower than in corresponding month last year - ALL Jobs News

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Wednesday, 2 September 2020

GST collection dips to Rs 86,449 crore for August, 12% lower than in corresponding month last year

The Centre’s Goods and Services Tax collection for the month of August came in at Rs 86,449 crore, the Ministry of Finance said in a press release on Tuesday. This is slightly lower than the Rs 87,422 crore it had collected in July. The highest GST in August was collected from Maharashtra, at Rs 13,407 crore.

However, the figures represent a substantial fall in the government’s revenue from the same period last year because of sluggish economic activity due to the coronavirus pandemic. The GST collection in August this year was 88% of that in August 2019.

“During the month, the revenues from import of goods were 77% and the revenues from domestic transaction (including import of services) were 92% of the revenues from these sources during the same month last year,” the Ministry of Finance said. “It may also be noted that the taxpayers with turnover less than Rs 5 crore continue to enjoy relaxation in filing of returns till September.”

Out of the gross revenue of Rs 86,449 crore in August, the Central GST collected is Rs 15,906 crore, State GST Rs 21,064 crore, Integrated GST is Rs...

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