The Goods and Services Tax (GST) collection in the month of July fell 3.8% at Rs 87,422 crore compared to Rs 90,917 crore collected in the previous month, while the revenue mop up in July this year saw a 14.3% year-on-year decline due to the coronavirus pandemic that has had a devastating impact on the economy.“The revenues for the last month [June 2020] 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,” a finance ministry statement said on Saturday. The taxpayers with turnover less than Rs 5 core still enjoy relaxation in filing of returns till September 2020, it added.Experts said the GST collection, which is a weathervane of economic health, is increasingly improving and the trend is positive. Pratik Jain, partner and leader, indirect tax at consultancy firm PwC India said, “June and July data reveal that broadly the collections are stabilising between 85-90% of corresponding period last year. This is also corroborated with number of E-way bills being generated on a daily basis, which indicates that… Read full this story
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