GST collection in West Bengal getting stabilised: Official

By: |
August 7, 2020 5:11 PM

The Goods and Services Tax collection is getting stabilised because companies have started making deferred payments which the authorities had allowed till September this year in view of the coronavirus crisis, he said.

However, the GST collection in July was down by around 10 per cent year-on-year as the revenue in the corresponding month of 2019 was at Rs 1,348.57 crore, he said. However, the GST collection in July was down by around 10 per cent year-on-year as the revenue in the corresponding month of 2019 was at Rs 1,348.57 crore, he said.

The GST collection in West Bengal is improving with growing economic activities in the state and the revenue from the indirect tax at Rs 1,212.44 crore in July was higher than that of the previous months, an official said on Friday. The Goods and Services Tax collection is getting stabilised because companies have started making deferred payments which the authorities had allowed till September this year in view of the coronavirus crisis, he said.

“The collection of the gross GST (Central GST, State GST, Integrated GST and cess) from centrally-administered assessees in West Bengal stood at Rs 1,212.44 crore in July, while the indirect tax revenues in April and May this year were at Rs 345 crore and Rs 745 crore respectively,” the official said. The revenue is increasing as the economic activities are growing in the state with ease of the lockdown restrictions, he said.

However, the GST collection in July was down by around 10 per cent year-on-year as the revenue in the corresponding month of 2019 was at Rs 1,348.57 crore, he said. Compared to Rs 1,416.38 crore mopped up in June last year, the collection of GST in West Bengal had dropped to Rs 1,367.50 crore in the same month of 2020.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1COVID-19 showed risk of dependence of global supply chain on any single source: PM Modi
2Farmer plight is nothing new be it BJP or Congress: Govt must assuage fears of MSP dilution
3RBI may not cut repo rate again in upcoming monetary policy meeting; these 5 concerns weigh