“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 said in a statement Saturday.
“Taxpayers with turnover less than Rs 5 core continue to enjoy relaxation in filing of returns till September 2020,” the ministry added.
The revenues for July 2020 are 86% of the GST revenues in the same month last year. During the month, the revenues from import of goods were 84% and the revenues from domestic transaction (including import of services) were 96% of the revenues from these sources during the same month last year.
“A collection approximate to 86% of last year does showcase quite a significant economic recovery from the pandemic though a bit of it could be on account of pent up demand. With economic activities increasing, the collections should hopefully witness aligning with estimates soon,” said Abhishek Jain, Tax Partner, EY.
Of the total collections in July, Central GST is Rs 16,147crore, State GST is Rs 21,418 crore, Integrated GST is Rs 42,592 crore (including Rs 20,324 crore collected on import of goods) and Cess is Rs 7,265 crore (including Rs 807 crore collected on import of goods).
The government has settled Rs 23,320 crore to CGST and Ra 18,838 crore 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 July,2020 is Rs 39,467 crore for CGST and Rs 40,256 crore for the SGST.