The government has settled Rs 13,325 crore (US$ 1.89 billion) to CGST and Rs 11,117 crore (US$ 1.58 billion) to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of June 2020 is Rs 32,305 crore (US$ 4.58 billion) for CGST and Rs 35,087 crore (US$ 4.98 billion) for the SGST.
The revenues for the month are 91 per cent of the GST revenues in the same month last year. During the month, the revenues from import of goods were 71 per cent and the revenues from domestic transaction (including import of services) were 97 per cent of the revenues from these sources during the same month last year. During the month of June, returns of February, March, and April 2020 have also been filed in addition to some returns of May 2020 since Government has allowed a relaxed time schedule for filing of GST returns. Some returns of May 2020, which would have otherwise got filed in June 2020, will get filed during first few days of July 2020.
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 GST collections for the month of April was Rs 32,294 crore (US$ 4.58 billion) which was 28 per cent of the revenue collected during the same month last year and the GST collections for the month of May was Rs 62,009 crore (US$ 8.80 billion) which was 62 per cent of the revenue collected during the same month last year. The GST collections for the first quarter of the year is 59 per cent 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 2020
No comments:
Post a Comment