GST revenue collection for July crosses Rs 1.16 lakh crore

at 4:26 pm

New Delhi: The GST revenue collection has crossed Rs 1.16 lakh crore in July, 33% more than the last year’s collection this month, the Ministry of Finance said today.

“The gross GST revenue collected in the month of July 2021 is ₹ 1,16,393 crore of which CGST is ₹ 22,197 crore, SGST is ₹ 28,541 crore, IGST is ₹ 57,864 crore (including ₹ 27,900 crores collected on import of goods) and Cess is ₹ 7,790 crore (including ₹ 815 crores collected on import of goods), ” the Ministry said in a statement.

“The above figure includes GST collection received from GSTR-3B returns filed between 1st July 2021 to 31st July 2021 as well as IGST and cess collected from imports for the same period, ” it said.

The revenues for the month of July 2021 are 33% higher than the GST revenues in the same month last year, the Ministry said.

During the month, revenues from import of goods were 36% higher and the revenues from the domestic transactions (including import of services) are 32% higher than the revenues from these sources during the same month last year.

The GST collection for the returns filed between 1st July to 5th July 2021 of ₹ 4,937 crore had also been included in the GST collection in the press note for the month of June 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 21 for the taxpayers with the aggregate turnover up to Rs. 5 crores in the wake of covid pandemic second wave.

The government has settled ₹ 28,087 crores to CGST and ₹ 24100 crores to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlement in the month of July’ 2021 is ₹ 50284 crore for CGST and ₹ 52641 crore for the SGST, the Ministry said.

GST collection, after posting above Rs. 1 lakh crore mark for eight months in a row, dropped below Rs. 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, the statement said.

With the easing out of COVID restrictions, GST collection for July 2021 has again crossed Rs 1 lakh crore, which clearly indicates that the economy is recovering at a fastpace, it added.