The Ministry of Finance released the gross Goods and Services Tax (GST) revenue collected in August 2020. The collections for the month were stood at Rs.86,449 crore, which consists of the following:
|Type of GST
(Rs in crore)
The Integrated GST (IGST) includes an amount of Rs.19,179 crore collected on import of goods, and the Cess includes Rs.673 crore collected on import of goods.
The ministry also stated that the government had settled Rs.18,216 crore to CGST and Rs.14,650 crore to SGST from IGST as regular settlement. The total revenue earned by the Centre and the States after regular payment in August 2020 is Rs.34,122 crore for CGST and Rs.35,714 crore for the SGST.
The GST revenues collected in August 2020 month is almost equal to the GST collections in previous months the GST collections for July 2020 were Rs.87,422 crore. However, the gains for the month are 88% of the August 2019 GST collections.
During August 2020, the revenues from import of goods were 77%, and the revenues from the domestic transaction including import of services were 92% of the revenues from these sources during the same month last year.
It is to be noted that the May, June and July 2020 GST returns due dates are scattered throughout September 2020 for the taxpayers whose turnover is less than Rs.5 crore. Also, the amnesty scheme for the taxpayers who have not filed GSTR-3B for tax periods between July 2017 and January 2020 can file the GST returns with the reduced late fee.
The government is expecting that the taxpayers will come forward to file their pending returns and avoid the notices. A conclusion can be drawn that the reasons mentioned above will lead to a rise in the September 2020 GST collections.
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DVSR Anjaneyulu known as AJ, is a Chartered Accountant by profession. Loves to listening to music & spending time with family and friends.