New Delhi: Gross Goods and Services Tax (GST) collection for the month of June dipped below Rs 1 lakh to Rs 92,849 crore, the first drop in nine months due to the second wave of the COVID-19 pandemic.
The gross GST revenue of Rs 92,849 crore includes CGST of Rs 16,424 crore, SGST of Rs 20,397 crore, and IGST of Rs 49,079 crore (including Rs 25,762 crore collected on import of goods) and cess of Rs 6,949 crore. 809 crore collected on import of goods).
The above figure includes GST collections from domestic transactions between June 5 and July 5, 2021, as interest exemption/reduction in interest on delayed filing of returns by 15 days to the taxpayers for the return filing month June’21. Relief measures were given. A government statement said that in view of the second wave of the Kovid epidemic, taxpayers with a total turnover of up to Rs 5 crore.
This month, the government has fixed Rs 19,286 crore from IGST to CGST and Rs 16,939 crore to SGST as regular settlement.
The revenue for the month of June 2021 is 2% more than the GST revenue in the corresponding month of last year.
The GST collection for June’ 2021 pertains to business transactions done during May 2021. During May 2021, most of the States/UTs were either completely or partially under lockdown due to COVID.
E-way bill data for the month of May 2021 shows that 3.99 crore e-way bills were generated during the month as compared to 5.88 crore in the month of April 2021, a decline of over 30%.
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However, with the reduction in caseload and easing of the lockdown, the e-way bills generated during June 2021 are 5.5 crore, indicating recovery of trade and business.
The daily average generation of e-way bill was 20 lakhs for the first two weeks of April 2021, which came down to 16 lakhs in the last week of April 2021 and 12 lakhs in the two weeks between May 9 and 22.
After that, the average generation of e-way bills is increasing and has again reached the level of 20 lakhs from the week starting June 20. Hence, it is expected that the GST revenue during the month of June has declined, with the revenue declining. See the increase again from July 2021.
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