With the easing of Kovid restrictions, GST collection crosses one lakh again
New Delhi, (IANS)| The total GST revenue in July 2021 has been Rs 1,16,393 crore. Out of the total revenue, CGST was Rs 22,197 crore, SGST was Rs 28,541 crore, IGST was Rs 57,864 crore, including Rs 27,900 crore collected on import of goods and Cess was Rs 7,790 crore, which included Rs 815 crore on import of goods.
The revenue for the month of July 2021 is 33 per cent more than the GST revenue in the corresponding month last year. During the month, revenue from imports of goods was 36 per cent higher and revenue from domestic transactions (including import of services) was 32 per cent higher than revenue from these sources during the corresponding month of the previous year. GST collections, after posting above Rs 1 lakh crore for eight consecutive months, fell below Rs 1 lakh crore in June 2021 as collections in June 2021 mainly relate to the months of May 2021 and May During 2021, most of the States/UTs were under complete or partial lockdown due to COVID.
With the easing of Covid restrictions, the GST collection for July 2021 has again crossed Rs 1 lakh crore, which clearly indicates that the economy is recovering at a fast pace. The Finance Ministry statement said that strong GST revenue is likely to continue in the coming months as well. Commenting on the GST collection numbers, senior director, Deloitte India, M.S. “The sharp increase in collections indicates resumption of economic activities in June and will raise hopes of better collections in the coming months,” Mani said.
“The improvement in GST collection on both domestic transactions and imports, along with the fact that the major producing states have shown significant growth, shows that economic activities have resumed across the country,” Mani said.
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