The department of revenue announced that the Goods and Service Tax (GST) collections for June 2020 recorded at Rs 90,917 crore, which is 9% lower than June 2019.
The GST collections are higher when compared to April and May 2020 collections. Those two months were peak months of lockdown due to the COVID-19 pandemic during which the GST collection for April and May 2020 was Rs 32,294 crore and Rs 62,009 crore respectively.
However, for April and May 2020, the collections were lower than those in 2019. The GST collections in April and May 2020 were down by 72% and 38% on year to year basis.
For June 2020, of total collections of Rs 90,917 crore, CGST collection was Rs 18,980 crore, SGST collection was Rs 23,970 crore and IGST collection was Rs 40,302 crore. The IGST collection includes Rs 15,709 crore collected on import of goods, and the compensation cess was Rs 7,665 crore which includes Rs 607 crore cess on import of goods.
The authorities said that the GST collection for the April-June quarter of the year 2020 was 41% less than the revenue collected during the same quarter of 2019, but also many of taxpayers still have time to file their return for May 2020 till first few days of July 2020.
The department stated that they have extended the time limit for GST returns filing for March and April 2020 to June 2020 and few returns for February 2020, got filed during June 2020. Also, due to the time limit extensions, the May 2020 GST returns will get filed during the first few days of July 2020 which would have filed in June 2020.
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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.