GST Revenue collection for June, 2020

₹ 90,917 crore gross GST revenue collected in the month of June

The gross GST revenue collected in the month of June, 2020 is ₹ 90,917crore of which CGST is ₹ 18,980 crore, SGST is ₹ 23,970 crore, IGST is ₹ 40,302 crore (including ₹ 15,709 crore collected on import of goods) and Cess is ₹ 7,665 crore (including ₹ 607 crore collected on import of goods).

The government has settled ₹ 13,325 crore to CGST and ₹ 11,117 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of June,2020 is ₹ 32,305 crore for CGST and ₹ 35,087 crore 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 domestic transaction (including import of services) were 97% of the revenues from these sources during the same month last year. During the month of 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 filing of GST returns. Some returns of May 2020, which would have otherwise got filed in June 2020, will get filed during first few days of July 2020.

The revenues during the financial year has been impacted due to COVID-19, firstly due to the economic impact of the pandemic and secondly due to the relaxations given by the Government in filing of returns and payment of taxes due to the pandemic. However, figures of past three months show recovery in GST revenues. The GST collections for the month of April was ₹ 32,294 crore which was 28% of the revenue collected during the same month last year and the GST collections for the month of May was ₹ 62,009 crore 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 the month of May, 2020

The chart shows trends in monthly gross GST revenues during the current year. The table shows the state-wise figures of GST collected in each State during the month of June, 2020 as compared to June, 2019 and for the full year.

 

GST revenue collection shows sequential recovery but remains below last year due to COVID 19 and relaxed filing timelines. The release reports GST revenue collection for June 2020 with gross receipts split among CGST, SGST, IGST (including import of goods) and Cess, and notes regular IGST settlements to CGST and SGST producing net revenues for Centre and States. It attributes lower receipts to COVID 19 economic effects and relaxed return filing timelines, records sequential recovery across April-June, and references comparative percentages versus the prior year alongside accompanying trends and statewise tables.