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Gross GST collection in July crosses Rs 1.16 lakh crore indicating recovery of the Economy at a faster pace
Pic Courtesy: Business Standard
The gross Goods and Services Tax (GST) revenue collected in July crossed Rs 1,16,000 crore indicating that the economy is recovering at a fast pace and the robust GST revenues are likely to continue in the coming months too, the Finance Ministry said.
The gross Goods and Services Tax (GST) revenue collected in July crossed Rs 1,16,000 crore indicating that the economy is recovering at a fast pace and the robust GST revenues are likely to continue in the coming months too, the Finance Ministry said.
The 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 were 36 per cent higher and the revenues from the domestic transaction (including import of services) are 32 per cent higher than the revenues from these sources during the same month last year.
Ministry of Finance in a tweet said, "Rs 1,16,393 crore gross GST revenue collected in July. The revenues for July 2021 are 33 per cent higher than the GST revenues in the same month last year."
GST collection, after posting above Rs 1 lakh crore mark for eight months in a row, dropped below 1 lakh crore in last month. With the easing out of COVID restrictions, GST collection for July has again crossed one lakh crore rupees. The Gross GST collected in July was Rs 1,16,393 crore, of which CGST is Rs 22,197 crore, SGST is Rs 28,541 crore and IGST is Rs 57,864 crore.
This includes Rs 27,900 crore collected on import of goods and Cess is Rs 7,790 crore (including Rs 815 crore collected on import of goods).
The above figure includes GST collection received from GSTR-3B returns filed between July 1, 2021, to July 31, 2021, as well as IGST and cess collected from imports for the same period.
The GST collection for the returns filed between July 1, 2021, to July 5, 2021, of Rs 4,937 crore had also been included in the GST collection in the press note for June 2021since 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 crore in the wake of covid pandemic second wave.
The government has settled Rs 28,087 crore to CGST and Rs 24100 crore to SGST from IGST as regular settlement. The total revenue of the Centre and the States after regular settlement in July 2021 is Rs 50284 crore for CGST and Rs 52641 crore for the SGST.
