GST revenue in July up 33% as monthly mop-up returns to over Rs1 lakh-crore level
02 Aug 2021
1
Gross revenue collection by way of Goods and Services Tax (GST) in July 2021 stood at Rs1,16,393 crore, reflecting a buoyancy in economic activity as the pandemic showed signs of declining, prompting relaxation in lockdown restrictions.
GST collection for July included CGST (Rs22,197 crore), SGST (Rs28,541 crore), IGST (Rs57,864 crore - including Rs27,900 crore collected on import of goods) and Cess (Rs7,790 crore - including Rs815 crore collected on import of goods).The figures include GST collected from GSTR-3B returns filed between 1 July 2021 and 31 July 2021 as well as IGST and cess collected from imports for the same period.
GST collection for the returns filed between 1 July and 5 July 2021 of Rs4,937 crore has also been included in the GST collection as per the press note for the month of June 2021.
It may be noted that taxpayers with the aggregate turnover up to Rs5 crore were given various reliefs in the form of waiver/reduction in interest on delayed return filing for 15 days for the return filing month June 2021 in the wake of second wave of the SARS-CoV-2 pandemic.
dsThe government has settled Rs28,087 crore towards CGST and Rs24,100 crore towar SGST from IGST as regular settlement. The total revenue of the centre and the states after regular settlement in July’ 2021 is Rs50,284 crore for CGST and Rs52,641 crore for the SGST.
Revenues for 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 was 36 per cent higher and 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 remaining above the Rs1 lakh crore level for eight months in a row, dropped below Rs1 lakh crore in June 2021 as the collections during the month predominantly related to May 2021 when most of the states and union territories were under either complete or partial lockdown due to SARS-CoV-2. With the easing of pandemic-related restrictions, GST collection for July 2021 has again crossed Rs lakh crore mark, which clearly indicates that the economy is recovering at a fast pace.The buoyancy in GST revenues are likely to continue in the coming months too, accrding to the finance ministry release.
