The government has released the data of the Goods and Service Tax (GST) collection in July. It stood at Rs 1 lakh 16 thousand 393 crores, while the collection figure in June was Rs 92,849 crore. The Finance Ministry on Sunday released the data of GST revenue collection.
The gross collection data of GST in July is 33% 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 Kovid-19, the figure of GST collection in July once again crossed Rs 1 lakh crore. This is clearly being seen as a rapid recovery in the economy. He 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 i.e. IGST Rs 57,864 crore and Cess Rs 7,790 crore.
This figure of GST collection is between July 1 and July 31. During this, many tax-related concessions have been given, including the 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.
The government has given a big relief to the traders. Now GST taxpayers having a business of more than Rs 5 crore will be able to self-certify their annual return. This will not require mandatory audit certification from a Chartered Accountant. The Central Board of Indirect Taxes and Customs (CBIC) has issued instructions on this.
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