The GST is known as Goods and service tax it is one of the most important taxes which every product has to weather its lower range of the price or the highest range of price. And it started on couples of the year-ago due to the economy this tax directly cut from the product and the help to increase the GDP rate of the country. and here is the news regarding it that the GST tax collection in the month of July 2020 has fallen to the rate 87,422 crore which is lower than both the July collection of the last year and the revenue collected last month.
The June collection 90,917 crores were higher than July according to the finance ministry statement elaborating what is the reason behind it that the collection of June is higher than the July collection the ministry that between the last month the numerous taxpayers paid the tax as well. Also paid taxes pertaining to February, March, April 2020. as the government spends the money had supplied a relief period on the account of ongoing coronavirus pandemic.
The gross GST revenue collected in the month of July 2020 is the rate of 87,422 crores of which CGST is the rate of 16,147 crores, SGST is the rate of 21,418 crores, IGST of the rate of 42,592 crores ( including Rs 20,324 crores collected on import of goods ) and the cess is Rs 7,265 crores, according to the finance ministry the collection of the revenue this month are 86% of the GST revenues collected in the same month last year
As we know that all works were closed due to the coronavirus because that period affected a lot of people towards their work because of the government had decided to apply the lockdown due to the situation which was the really out of control due to the virus spreading day-by-day regarding this government decided to close to all works for the limited period one of the most strong points towards the GST recorded lower because one of the most important things to increase the GST rate or GDP is an officially working. like a prominent company or all business.
In the month of June, the government had clocked 90,917 crores at the gross level in GST (Goods and service tax)which was the low 9 % from the exact same month of last year. The collection recorded that June also was higher than in the collection from the both previous month of May and June. those months when the nationwide lockdown was at its strictest due to the COVID-19 pandemic. due to this proper GST affected and the recorded lower collection.
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