The government has settled Rs13,325cr to CGST and Rs11,117cr to SGST from IGST as regular settlement. The total revenue earned by the Central Government and the State Governments after regular settlement in June 2020 is Rs32,305cr for CGST and Rs35,087cr for the SGST.
The revenues for the month are 91% of the GST revenues in the same month last year. During the month, the revenues from import of goods were 71% and the revenues from the domestic transaction (including import of services) were 97% of the revenues from these sources during the same month last year.
During June, returns of February, March, and April 2020 have also been filed in addition to some returns of May 2020, since Government has allowed a relaxed time schedule for the filing of GST returns. Some returns of May 2020, which would have otherwise got filed in June 2020, will get filed during the first few days of July 2020.
The revenues during the financial year have been impacted due to COVID-19, firstly due to the economic impact of the pandemic and secondly due to the relaxations are given by the Government in the filing of returns and payment of taxes due to the pandemic. However, figures for the past three months show recovery in GST revenues.
The GST collections for April were Rs32,294cr which was 28% of the revenue collected during the same month last year and the GST collections for May was Rs62,009cr which was 62% of the revenue collected during the same month last year.
The GST collections for the first quarter of the year is 59% of the revenue collected during the same quarter last year. However, a large number of taxpayers still have time to file their return for May 2020.
Source: Ministry of Finance