GST revenue collection in July touches ₹1,16,393 crore, 33% more than 2020
The Union Finance Ministry announced on Sunday that the gross Goods and Services Tax (GST) revenue collected in July has been ₹1,16,393 crore, 33% higher than those generated in the same month in 2020.
The gross GST revenue collected constitutes CGST ₹22,197 crores, SGST ₹28,541 crores, IGST ₹57,864 crores (including ₹27,900 crores collected on import of goods) and Cess ₹7,790 crores (including ₹815 crores collected on import of goods).
The GST collection for the returns filed between 1st July and 5th July 2021 of ₹4,937 crore had also been included in the GST collection in the press note for 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 ₹5 crores in the wake of Covid pandemic second wave.
As far as state-wise figures of the GST during July this year as compared to July 2020 is concerned, Jharkhand and Odisha saw a growth of 54%, the national capital Delhi and Jammu and Kashmir saw a growth of 45% while Maharashtra saw a growth of 51%.
The GST collection, after posting above ₹1 lakh crore mark for eight months in a row, dropped below this limit in June 2021, as collections during June predominantly related to May and during May, because most of the states and Union territories were under either complete or partial lockdown due to the coronavirus disease (COVID-19) pandemic.
With the easing and relaxation of Covid-19 restrictions, the GST collection for July has crossed the ₹1 lakh crore mark, indicating the Indian economy is recovering at a fast pace.