In July, the GST collection falls to the Rs 87,422 crore from Rs 90,917 crore, but as compared to the May and April GST collection which is Rs 62,009 crore and Rs 32,924 crore respectively, it is still higher.
As per the statement from the Finance Ministry of India, If we break down then entire gross GST revenue collected in the month of July, it will be Rs 16,147 crore from CGST, Rs 21,418 crore from SGST, Rs 42,592 crore from IGST which also includes Rs 20,324 crore from import goods, and Rs 7,265 crore is Cess.
From the last year, the government has collected 14% less GST revenue year-on-year basis.
The Ministry of Finance also cleared the reason behind the decline of GST collection in July as compared to June. The ministry said, last month lots of taxpayers paid their due taxes of February, March, and April 2020 as per the relief policy of the COVID-19.
However, the taxpayers with an annual income of less than 5 Crore are still benefiting from the tax delay relaxation policy until September 2020.