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Tuesday
October 2020
7:36 PM IST
News Headlines
ED grills Farooq Abdullah for six hours in JKCA graft case, People''s Alliance says it''s vendetta        NCW seeks explanation from Kamal Nath for his remarks against MP minister        Imran Khan incapable and clueless; betrayed people of Pakistan: Opposition leaders        Nawaz Sharif''s son-in-law arrested in Pakistan        Kerala''s Covid tally touches 3.33 lakh with 5,022 fresh cases        HC restrains Customs from arresting Sivasankar till Oct 23, suspended officer discharged from hospital        Buttler, bowlers guide RR to seven-wicket win over CSK        Punjab beat MI in second Super Over        Saina, Sindhu's biggest Graffiti in India unveiled        Trump leans into fear tactics in bid to win Midwest states        US polls: New Congress could have more Indian Americans to the House Advertisement        Active COVID-19 cases below 8 lakh for 2nd day in row; recovery rate 88.03 pc        Flood situation grim in parts of Telangana, Karnataka        Dalit woman gang-raped at gunpoint in UP        Army pressed into service in 4 flood-hit Karnataka dists; CM to undertake aerial survey        Pakistan pacer Umar Gul announces retirement from all forms of cricket        HDFC Bank Q2 net profit rises 16% to Rs 7,703 cr        Biden warns Trump wants to scrap health law        BJP govt has surrendered in front of criminals: Akhilesh        Rahul Gandhi, Capt Amarinder vow to force centre to revoke black farm laws        
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Business News
GST collection drops for second month in Aug to Rs 86,449 cr
 
New Delhi: The GST collection declined for the second consecutive month in August to Rs 86,449 crore, the Finance Ministry said on Tuesday. On year-on-year basis, the August collection was 12 per cent lower compared to Rs 98,202 crore mopped up in the same month last year. Of the gross collection, Central Goods and Services Tax (CGST) stood at Rs 15,906 crore, State Goods and Services Tax (SGST) Rs 21,064 crore, Integrated Goods and Services Tax (IGST) Rs 42,264 crore (including Rs 19,179 crore collected on import of goods) and Cess Rs 7,215 crore (including Rs 673 crore collected on import of goods).

Tax experts said the revenue numbers indicate that domestic economic activity is picking up and the drop in the collection is mainly due to reduced imports. In a statement, the Finance Ministry said the government has settled Rs 18,216 crore to Central GST and Rs 14,650 crore to State GST from Integrated GST as regular settlement. "The total revenue earned by Central Government and the State Governments after regular settlement in the month of August, 2020 is Rs 34,122 crore for CGST and Rs 35,714 crore for the SGST," it added. The revenues for August are 88 per cent of the GST collected in the same month last year.

During the month, the revenues from import of goods were 77 per cent and the revenues from domestic transaction (including import of services) were 92 per cent of the revenues from these sources during the same month last year, the ministry said. It further said that taxpayers with turnover less than Rs 5 crore have been permitted to file GST returns till September. The GST collections have faltered since the beginning of the current fiscal as COVID-19-induced lockdown hampered economic activity. The revenue in April was Rs 32,172 crore, May (Rs 62,151 crore), June (Rs 90,917 crore) and July (Rs 87,422 crore).

PwC Leader (Indirect Tax) Pratik Jain said the trend in the last couple of months show collections seem to have stabilised at around 10 per cent lower than corresponding month last year. "As things are opening up gradually, the collection is likely to be progressively better in coming months," Jain said. Deloitte India Partner M S Mani said the collections are on the recovery path and GST collections on domestic transactions just 8 per cent lower than the same month last year indicate revival of economic activities. "The state-wise data of GST collections indicates that the revival process has resulted in marginal collection increases in some states like Rajasthan and UP, marginal reductions in states like Haryana and Gujarat with significant dips in Maharashtra, Karnataka and Tamil Nadu," Mani said.

EY Tax Partner Abhishek Jain said a significant part of the dip is attributable to imports, which has witnessed a decline as a result of reduced international trade. "Also, domestic collections having attained 92 per cent year-on-year for operations in July is a sign of economic recovery post upliftment of lockdown," he added. HostBooks Chairman and Founder Kapil Rana said: "The GST collection data demonstrates two things – domestic consumption is strongly overcoming the effect of the pandemic, secondly, people are showing more reliance on domestic products, which is pushing the domestic consumption hence the revenue collection".


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KERALA NEWS
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INTERNATIONAL NEWS
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 Karachi: Prime Minister Imran Khan is "incapable and clueless", and his government is worse than a d
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NATIONAL NEWS
ED grills Farooq Abdullah for six hours in JKCA graft case, People''s Alliance says it''s vendetta
 Srinagar: The Enforcement Directorate on Monday questioned National Conference president Farooq Abdu
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