GST revenue collection for June falls below Rs1 lakh-crore mark to Rs92,849 crore
06 Jul 2021
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Gross revenue collected by way of Goods and Services Tax (GST) in June declined to Rs92,849 crore, falling below the Rs 1 lakh crore mark for the first time in nine months. GST revenues for June 2021, however, are 2 per cent higher than the Rs90,917 crore collected in June 2020.
GST collection had remained above the Rs1 lakh crore mark for eight months in a row ending May 2021, when it stood at Rs1.02 lakh crore.
Gross GST revenue collected in June 2021 stood at Rs92,849 crore, which included CGST of Rs16,424 crore, SGST of Rs20,397, IGST of Rs49,079 crore (including rs25,762 crore collected on import of goods) and Cess of Rs6,949 crore (including Rs809 crore collected on import of goods).
The figures include GST collection from domestic transactions between 5 June to 5 July 2021, since taxpayers were given various relief measures in the form of waiver/reduction in interest on delayed return filing for 15 days for the return filing month June for the taxpayers with the aggregate turnover up to Rs5 crore, in the wake of the second pandemic wave.
During the month the government settled Rs19,286 crore of CGST and Rs16,939 crore of SGST from IGST as regular settlement.
Revenues for June 2021 are 2 per cent higher than the GST revenues in the same month last year.
GST collection for June 2021 is related to the business transactions made during May 2021. During May 2021, most states/UTs were under either complete or partial lockdown due to the Wuhan virus attack. The e-way bill data for May 2021 shows that during the month, only 39.9 million e-way bills were generated during the month against 58.8 million in April 2021, down by more than 30 per cent.
However, with reduction in caseload and easing of lockdowns, the e-way bills generated during June 2021 have risen to 55 million, which indicates recovery of trade and business. The daily average generation of e-way bills for the first two weeks of April 2021 was 2 million, which came down to 1.6 million in the last week of April 2021 and further to 1.2 million in the two weeks between 9 and 22 May 2021. Thereafter, the average generation of e-way bills has been increasing and has reached levels around 2 million after the week beginning 20 June.
It is expected that while GST revenues dipped during June, the revenues will see an increase from July 2021.
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