Impact of lockdown – 44 million less GST in the first quarter
Impact of lockdown
In the half-moon of the present fiscal year, the district has collected revenue of 105.33 crore as GST (Goods and Services Tax), which is about 30 percent but the previous year. 149.40 crores of GST was collected within the same quarter within the last fiscal year. Consistent with officials, the industry remained closed for an extended time thanks to the lockdown and still, things aren’t completely normalized. It’s also impacted GST.
Explain that GST is a crucial contributor to the government’s income from taxes. Talking about the district, the district collects about 600 crore rupees as GST.
GST reduced by 85 percent in April
If we mention April within the current fiscal year, then only 6.31 crore rupees came in tax in April, which was 85 percent but this month of the previous year. Things improved in May and picked up 0.72 percent more tax. However, it declined again in June and this month was down by 12.68 percent from the previous year.
GST Status within the half-moon (Rs crore)
Month – 2019-20 – 2020-21
April – 43.54 – 6.31
May – 45.81 – 46.14
June – 60.06 – 52.88
Total – 149.40 – 105.33
Due to less GST collection
According to the officials, all industries were closed for an extended time thanks to the lockdown, which had an immediate impact on GST. Immediately many factories aren’t producing full production. Aside from this, hotels and bars are still closed, which magnetize tons of tax. Within the automobile sector, sales have fallen significantly, which has also impacted tax.
The department asked for suggestions from the officials The department met through video conferencing and sought suggestions from the officers on how more and more merchants should collect the tax. On this, officials said that he will make more and more traders conscious of filing GST returns. Merchants also will be contacted for this.
Everything remained closed thanks to the lockdown, thanks to which GST decreased within the half-moon this point compared to the previous. However, efforts are being made by the department to extend the collection.