Tuesday, 19 October 2021

GST revenue collection touches 1 lac crore in July

GST revenue collection touches 1 lac crore in July

On Sunday, the Union finance minister said that the gross Goods and Services Tax GST revenue collection touches 1 lac crore in July was around ₹1,16,393 crores, 33% more than generated in the same month of the 2020 year

A statement issued by the ministry said.

“The GST revenue collected in month of July 2021 was ₹1,16,393 crores of which CGST is ₹22,197 crores, SGST is ₹28,541 crores, IGST is ₹57,864 crore which includes ₹27,900 crores collected on importing of goods and cess is ₹7,790 crores including ₹815 crore collected on importing of goods),”

The statement added that the tally includes GST collection received from GSTR-3B returns, filling between July 1 and July 31 this year, and IGST and cess collected from importing goods for the same time.

GST revenue collection touches 1 lac crore in July 1getty image

Read More: Second Covid wave hit retail market sale down to 50% in June 2021

The finance ministry statement further said.

“The GST collection for returns filed between July 1 and July 5 2021 of ₹4,937 crores had also included in the GST collection in press note for month of June 2021 since taxpayers were given various relief aid measures in the form of cut back in interest on late return filing for 15 days for return filing month June 2021 for taxpayers with the total turnover up to ₹5 crore in the wake of Covid pandemic second wave,” 

Regarding the statewide tally of GST during July current year compared to July 2020, Jharkhand and Odisha saw an increase of 54%, and the Delhi and Jammu and Kashmir witnessed a hike of 45%, while Maharashtra saw a rise of 51%.

After reaching above ₹1 lakh crore touches for eight months in a row, GST revenue collection touches 1 lac crore in July, the GST collection dropped below the limit in June 2021 as collections during June primarily related to May. Many states and Union territories were under complete or partial lockdown during May due to the Covid-19.

Restriction on easing and relaxation of Covid-19 restrictions, the GST collection for July has crossed the 1 lakh crore mark, indicating the Indian economy is recovering quickly.

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