GST Revenue Collection Slips Below Rs 1 Lakh Crore In June 2021

GST collections slipped below Rs. 1 lakh crore in June 2021, after being above Rs. 1 lakh crore for eight months in a row. The GST collection for June 2021 is for commercial transactions that took place in May 2021.

Due to COVID, most states/UTs were either completely or partially shut down in May of 2021. The e-way bill statistics for the month of May 2021 shows that 3.99 crore e-way bills were created throughout the month, compared to 5.88 crore in April 2021, a decrease of more than 30%.

CGST is 16,424 crore, SGST is 20,397 crore, IGST is 49,079 crore (including 25,762 crore collected on import of goods), and Cess is 6,949 crore.

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 taxpayers with an aggregate turnover up to Rs. 5 crore in the wake of the covid pandemic second wave, the above figure includes GST collection from domestic transactions between June 5th and July 5th, 2021.

The government has settled regular settlements of 19,286 crore to CGST and 16,939 crore to SGST from IGST this month.

The daily average generation of e-way bills was 20 lakh in the first two weeks of April 2021, 16 lakh in the last week of April 2021, and 12 lakh in the two weeks between 9th and 22nd May 2021. Following that, the average number of e-way bills generated increased, reaching a new high of 20 lakh in the week commencing June 20th. As a result, while GST collections decreased in June, they are predicted to climb again starting in July 2021.