GST COLLECTION INCREASES BUT MANUFACTURING TAKES A BEATING

NEW DELHI: The goods and services tax (GST) revenue collection in June stood at ₹90,917 crore, up from ₹62,009 crore mopped up in May and ₹32,294 crore in April, the finance ministry said on Wednesday. However, the GST mop up was 9% lower on a yearon-year basis in June, while it was 62% down in May and fell 28% in April.

GST collections for the first quarter (April-June) of this fiscal declined 59%, when compared to the same quarter last year as lockdown imposed to contain spread of Covid-19 pandemic severely impacted economic activity.

The country’s manufacturing sector activity moved towards stabilisation in June, but business conditions continued to deteriorate. The Purchasing Managers’ Index (PMI) stood at 47.2 in June, up from 30.8 in May.

NEW DELHI: GST revenue collection in June stood at ₹90,917 crore, up from ₹62,009 crore mopped up in May and ₹32,294 crore in April.

The goods and services tax (GST) mop up was 9% lower on a year-on-year basis in June, while it was 62% down in May and fell 28% in April.

GST collections for the first quarter (April-June) of this fiscal declined 59%, when compared to the same quarter last year as lockdown imposed to contain spread of Covid-19 pandemic severely impacted economic activity.

“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 three months show recovery in GST revenues,” the finance ministry said in a statement.

States like Punjab, Chhattisgarh, Madhya Pradesh, Bihar, Assam, Andhra Pradesh, Telangana, Karnataka witnessed growth in collection in June over last year.

“The government collected gross #GST revenue of Rs 90,917 crore in June 2020, which is 91 per cent of the collections in June 2019,” Office of Finance Minister Nirmala Sitharaman said in a tweet.