Goods and Service Tax Current Affairs - 2020

GST Revenue Collection Improves significantly in the month of June 2020

Rs 90,917 crore is the gross GST (Goods and Services Tax) revenue collected in the month of June 2020. The amount Rs 90,917 crores is 91 percent of GST revenue collected in the month of June in 2019.

Breakdown of GST Revenue Collection for June 2020

  • Central GST (CGST): Rs 18,980 crore
  • State GST (SGST): Rs 23,970 crore
  • Integrated GST (IGST): Rs 40,302 crore (includes-on import of Goods Rs 15,709 crore collected)
  • Cess: Rs 7,665 crore (includes-on import of goods Rs 607 crores collected)

GST Revenue Collection in First Quarter of FY 2020-21

The GST revenue collected in the first quarter of the Financial Year (FY) 2020-21 is 59 percent of the GST revenue collected during the first quarter of the 2019-20 financial year.

Apart from the economic impact experienced due to the nationwide lockdown, the GST revenue collection in the first quarter of FY 2020-21 was also affected due to the relaxations provided for filing up of GST returns and payment of taxes by the Government.

Month-wise GST Revenue Collection in First Quarter of FY 2020-21

  • In April 2019 GST Revenue Collection was of Rs 113, 866 crore while in April 2020 it was 32,294 crore
  • In May 2019 GST Revenue Collection was Rs 100,289 crore while in May 2020 it was Rs 62,009 crore
  • In June 2019 GST Revenue Collection was Rs 99,940 crore while in June 2020 it was Rs 90,917 crore

Government approves Monthly Pension Scheme for Traders

The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved Rs.3000 monthly pension scheme for small retail traders and shopkeepers after they attain the age of 60 years.

Salient Features of Scheme

  • About: Under the scheme all small shopkeepers, retail traders and self-employed persons are assured a minimum of Rs.3,000 monthly pension after attaining 60 years of 60 years.
  • Beneficiary: The new pension scheme that offers pension coverage to the trading community will cover 3 crore small retail traders and shop keepers.
  • Eligibility: All small shopkeepers, self-employed persons and retail traders aged between 18-40 years and with Goods and Service Tax (GST) turnover below Rs.1.5 crore can enrol for pension scheme.
  • Enrollment: The scheme is based on self-declaration as no documents are required except bank account and Aadhaar Card. Also, the interested persons can enrol themselves via more than 3,25,000 Common Service Centres  (CSC) spread across India.
  • Government Contribution: The Central Government will make matching contribution (same amount as subscriber contribution) i.e. equal amount as subsidy into subscriber’s pension account every month.
  • Significance: Since ages India has a rich tradition of trade and commerce and our traders make a strong contribution to India’s economic growth. Therefore, cabinet decision will benefit the trading community. This pension scheme is a part of Prime Minister’s vision to provide a robust architecture of universal social security.