GST collections increase 32 percent in July as compared to last year
The Finance Ministry on Sunday released the data of GST revenue collection. According to this, the collection from Goods and Service Tax (GST) in July has been Rs 1,16,393 crore. In June, this figure stood at Rs 92,849 crore.
32% YoY Collection Increase
The gross collection data of GST in July is 32% more than a year ago. Earlier, after 8 months in June, the collection figure had come down to Rs 1 lakh crore from the lockdown enforced by the second wave of corona in the country.
Finance Minister Nirmala Sitharaman said that due to the easing of restrictions related to Covid-19, the figure of GST collection in July has once again crossed Rs 1 lakh crore. With this, the rapid recovery in the economy can be clearly seen. She said that the figure of GST collection is expected to increase even further.
According to the Finance Ministry, the share of the Central Government in the total GST collection i.e. CGST is Rs 22,197 crore, the share of the states i.e. SGST is Rs 28,541 crore, Integrated Tax i.e. IGST Rs 57,864 crore and Cess collection was Rs 7,790 crore.
Big relief for businessmen
The government has given big relief to the traders. Now GST taxpayers having business of more than Rs 5 crore will be able to self-certify their annual return. For this, there will be no need to get the mandatory audit certification from a Chartered Accountant. The Central Board of Indirect Taxes and Customs (CBIC) has issued instructions on this.
This figure of GST collection is between July 1 and July 31. During this, many tax-related concessions have been given. This also includes extension of the ITR filing deadline by 15 days. Apart from this, interest rates have also been cut. The government settled CGST of Rs 28,087 crore and SGST of Rs 24,100 crore from IGST in July as a regular settlement.
