The Ministry of Finance released the gross Goods and Services Tax (GST) revenues collected in September 2020. The GST collections for the month stood at Rs.95,840 crore, which consists of the following:
|S. No.||Type of GST||Amount
(Rs in crore)
The Integrated GST (IGST) includes an amount of Rs.22,442 crore collected on import of goods, and the Cess includes Rs.788 crore collected on import of goods.
The ministry also stated that the government had settled Rs.21,260 crore to CGST and Rs.16,997 crore to SGST from IGST as regular settlement. After the settlement, the total revenue earned by the Centre and the States after regular payment in September 2020 is Rs.39,001 crore for CGST and Rs.40,128 crore for the SGST.
The GST revenues collected in September 2020 month is more than 10% of the GST collections in previous months; the GST collections for August 2020 were Rs.86,449 crore. Also, the collections for this month are 4% higher when compared to September 2019 GST collections.
The reasons for the rise in GST collections are:
- The pending GST returns for May, June and July 2020 have been filed in September 2020.
- The taxpayer’s utilised the GSTR-3B amnesty scheme to file their pending returns for tax periods between July 2017 and January 2020.
The GST collections for October 2020 will raise further as October is a festival season and the businesses are also getting back on track to the pre-COVID level of business.
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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.