Covid impact: GST collection drops 14% to Rs 87,422 cr in July

8

New Delhi, Aug 1 | The Covid-induced shrinking of economic activity for the past few months continued to have its impact on government’s tax collections with revenue under the Goods and Services Tax (GST) falling far below the psychological level of Rs 1 lakh crore to Rs 87,422 crore in July.

The July collections, which is 84 per cent of last year’s numbers, is however, a recovery from the months of April and May when COVID-19 induced lockdowns and severe disruptions in economic activities resulting in GST collections nosediving to all time low levels.

The GST collections for the month of April was Rs 32,294 crore which was mere 28 per cent of the revenue collected during the same month last year and the GST collections for the month of May was Rs 62,009 crore which was 62 per cent of the revenue collected during the same month last year.

Only in June GST collections recovered to touch Rs 90,917 crore.

“The revenues for the last month (June) were higher than the current month. However, it is important to note that during the previous month, a large number of taxpayers also paid taxes pertaining to February, March and April 2020 on account of the relief provided due to COVID-19. It may also be noted that the taxpayers with turnover less than Rs 5 crore continue to enjoy relaxation in filing of returns till September 2020,” the finance ministry said in a statement.

Out of the total GST collection of Rs 87,422 crore for July, CGST was Rs 16,147 crore, SGST was Rs 21,418 crore, the official statement said.

IGST collections stood at Rs 42,592 crore (including Rs 20,324 crore collected on import of goods) and Cess collected was Rs 7,265 crore (including Rs 807crore collected on import of goods).

The government has settled Rs 23,320 crore to CGST and Rs 18,838 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 July, 2020 is Rs 39,467 crore for CGST and Rs 40,256 crore for the SGST.

During July, the revenues from import of goods were 84 per cent and the revenues from domestic transaction (including import of services) were 96 per cent of the revenues from these sources during the same month last year.

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 four months show recovery in GST revenues.

Among the states, July collections have declined most in Uttarakhand, Delhi, Haryana, Jharkhand, Tamil Nadu, Maharashtra, Jammu and Kashmir and West Bengal. Only states of Rajasthan, Nagaland, Madhya Pradesh and Andhra Pradesh have shown growth of GST revenue or have maintained same levels as last year in July.

Source: IANS

Sponsors Posts

Policybazaar Unveils its new brand campaign "AapKiSideHai"

Policybazaar Unveils its new brand campaign

Akshay Kumar delivers the brand’s promise of always being on the customer’s side

Gurugram, 19th Sept, 2020: Policybazaar.com (Twitter handle: PolicyBazaar), India’s largest online insurance marketplace with over 10 million customers, showcases its commitment to customers in its new television campaign “AapKiSideHai”. The new ad campaign featuring Policybazaar brand ambassador, Akshay Kumar, highlights the brand’s promise of embracing a holistic customer centric approach while helping to bridge the insurance protection gap in India.

Policybazaar’sAapKiSideHai campaign seeks to reassure its customers on being a dependable Insurance partner for them, every step of the way. The brand has always focused on distributing products like term insurance, health insurance, zero commission ULIP’s and motor insurance that are optimal from a customer perspective. Policybazaar is now extending the brand promise beyond the purchase experience to ensure that consumers get the highest levels of service throughout the policy lifecycle.

The new brand campaign reinforces Policybazaar core value of putting the customer first by delivering on its promise of providing a trusted platform for all types of insurance products. The brand is committed to guiding the customer throughout the insurance journey, starting from recommending the right products at affordable pricing, ensuring thatthe policy issuance process is smooth and fast, and, to providing services and claims assistance when needed.

“While we continue to highlight the importance of Health & Term life Insurance through our marketing campaigns, with the brand promise of Policybazaar AapKiSideHai, we also intend to position Policybazaar as a customer centric brand, that is committed to stand by its customers, both pre and post purchase”, said Samir Sethi, Head of Brand Marketing, Policybazaar.com. The new ad series highlights Policybazaar’s unparalleled support to customers, while providing them with the ease of comparing and buying term and health plans online with guidance at each & every step.

Speaking about the TVC launch, Sharat Dhall, Chief Operating Officer, Policybazaar.com said, “Our ultimate aim is to provide 360-degree assistance to customers that starts from when the policy is bought, to provide assistance when the claim is paid out, should such a situation arise. Winning and maintaining customer trust is a strong ethos within the company and this campaign reflects that. At a time when the world is grappling with a crisis like no other, the brand intends to instill confidence in the customers’ buying decisions by assuring them protection of their futures with the right insurance products & thorough assistance throughout the journey.”

The new brand campaign in its series displays moments of indecision that people may have while investing in protection products. It addresses these queries &emphasizes the importance of nurturing a bond with the consumers thereby creating customer delight.

LEAVE A REPLY

Please enter your comment!
Please enter your name here