GST Revenue For July: GST Collection Totaled Rs 1,16,393 Crore

In July 2021, gross GST revenue was 1,16,393 crore, with CGST at 22,197 crore, SGST at 28,541 crore, IGST at 57,864 crore (including 27,900 crore collected on imports of goods), and Cess at 7,790 crore (including 815 crore collected on imports of goods). GST collected from GSTR-3B returns filed between July 1, 2021, and July 31, 2021, as well as IGST and cess collected from imports, are included in the aforementioned figure.

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 June21 for taxpayers with an aggregate turnover uptoRs, the GST collection for the returns filed between 1st July and 5th July2021 of Rs 4,937 crore was also included in the GST collection in the press note for the month of June2021. In the aftermath of the second wave of the covid pandemic, the government has set aside Rs. 5 crore.

As part of the regular settlement, the government has paid 28,087 crore to the CGST and 24100 crore to the SGST from the IGST. After regular settlement in July 2021, the total revenue of the Centre and the States is 50284 crore for the CGST and 52641 crore for the SGST.

The GST revenues for July 2021 are 33 percent higher than the same month last year. Revenues from imports of goods were 36 percent higher during the month, and revenues from domestic transactions (including imports of services) were 32 percent higher than during the same month last year.

GST collections, which had been above Rs. 1 lakh crore for eight months in a row, fell below Rs. 1 lakh crore in June 2021, owing to the fact that the collections in June 2021 were primarily related to the month of May 2021, and most States/UTs were under complete or partial lockdown due to COVID in May 2021, the finance ministry said in a statement.

With the removal of COVID restrictions, GST collection for July 2021 has surpassed Rs. 1 lakh crore for the second time, indicating that the economy is rapidly recovering.

In June, 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, due to relaxations in compliance deadlines, illustrate the impact of state-level lockdowns during the second Covid wave, ending an eight-month streak of sales above Rs 1 lakh crore.

The strong GST revenues are expected to continue in the coming months as well.