GST revenue collection in July stood at over Rs 1.16 lakh crore.
The Gross GST Revenue in the month of July 2021 was Rs 1,16,393 crore.
Of the total revenue, CGST was Rs 22,197 crore, SGST was Rs 28,541 crore, IGST was Rs 57,864 crore—including Rs 27,900 crore collected on import of goods—and cess was Rs 7,790 crore—including Rs 815 crore on import of goods. .
GST collection for returns of Rs 4,937 crore during July 1-5 was also included in the GST collection of June 2021 as various reliefs were given to taxpayers in the form of exemption or reduction in interest on delayed filing of returns. pandemic, an official statement said.
The government has fixed Rs 28,087 crore from IGST to CGST and Rs 24,100 crore to SGST as regular settlement. The total revenue of the Center and the states after regular settlement in the month of July 2021 was Rs 50,284 crore for CGST and Rs 52,641 crore for SGST.
The revenue for the month of July 2021 is 33 per cent more than the GST revenue in the corresponding month last year. During the month, revenue from imports of goods was 36 per cent higher and revenue from domestic transactions (including import of services) was 32 per cent higher than revenue from these sources during the corresponding month of the previous year.
GST collections, after posting above Rs 1 lakh crore for eight consecutive months, fell below Rs 1 lakh crore in June 2021 as collections in June 2021 mainly relate to the months of May 2021 and May During 2021, most of the States/UTs were under complete or partial lockdown due to COVID.
With the easing of Covid restrictions, the GST collection for July 2021 has again crossed Rs 1 lakh crore, which clearly indicates that the economy is recovering at a fast pace. The Finance Ministry statement said that strong GST revenue is likely to continue in the coming months as well.
Commenting on the GST collection numbers, MS Mani, Senior Director, Deloitte India, said: “The sharp increase in collections indicates the resumption of economic activity in June and will raise expectations of better collections in the coming months.”
“The improvement in GST collection on both domestic transactions and imports, along with the fact that the major producing states have shown significant growth, indicates that economic activities have resumed across the country,” Mani said.
.