GST revenue collection for July rises by 33% with ₹1,16,393 crore

The gross GST revenue collected in the month of July 2021 was ₹1,16,393 crore.

Out of the total revenue collected CGST was Rs 22,197 crore, SGST was ₹28,541 crore, IGST was ₹57,864 crore -- including ₹27,900 crore collected on import of goods -- and Cess was ₹7,790 crore -- including ₹815 crore collected on import of goods.

The GST collection for the returns filed during July 1-5 of ₹4,937 crore had also been included in the GST collection for the month of June 2021 since taxpayers were given various reliefs in the form of waiver or reduction in interest on delayed return filing amid the pandemic, said an official statement.

The government has settled ₹28,087 crore to CGST and ₹24,100 crore to SGST from IGST as regular settlement. The total revenue of Centre and the states after regular settlement in the month of July 2021 was ₹50,284 crore for CGST and ₹52,641 crore for the SGST.

The revenues for the month of July 2021 are 33 per cent higher than the GST revenues in the same month last year. During the month, revenues from import of goods were 36 per cent higher and the revenues from domestic transaction (including import of services) are 32 per cent higher than the revenues from these sources during the same month last year.

GST collection, after posting above ₹1 lakh crore mark for eight months in a row, dropped below ₹1 lakh crore in June 2021 as the collections during the month of June 2021 predominantly related to the month of May 2021 and during May 2021, most of the states/UTs were under either complete or partial lockdown due to Covid.

With the easing of Covid restrictions, GST collection for July 2021 has again crossed ₹1 lakh crore, which clearly indicates that the economy is recovering at a faster pace. The robust GST revenues are likely to continue in the coming months too, the Finance Ministry statement said.

Commenting on the GST collection numbers, M.S. Mani, Senior Director, Deloitte India said: "The sharp increase in the collections indicates the resumption of economic activities in June and will raise expectations of better collections in the coming months."

"The improvement in GST collections both on domestic transactions and imports, accompanied by the fact that major producing states have shown significant increases, would indicate that the economic activities have resumed across the country," Mani added.

SEE ALSO:
COVID-19 cases in Kerala are spiking due to good detection, better reporting and early easing of restrictions
Fino Payments Bank files papers for ₹1,300 crore IPO