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GST revenue falls 12% in August
Why is it in news?
- According to the official data released, Goods and Services Tax revenue in August stood at Rs. 86,449 crore. It dropped 12% from August 2019.
- The cess collection for August came in at Rs 7,215 crore.
Details:
- GST collections had went down to a record low of Rs 32,294 crore in April, which was down 72% on year, owing to the lockdown.
- Revenues from import of goods dropped 23% from the previous year.
- Revenues from domestic transactions dropped 8%.