GST collections rise to Rs.1.16 lakh crore in July 2021

The gross Goods and Services Tax (GST) revenue collected in July 2021 is Rs.1,16,393 crore as follows:

The IGST and cess collections include Rs.27,900 crore and Rs.815 crore respectively on importing goods. The above figure includes GST collection from GSTR-3B returns filed between 1st July 2021 to 31st July 2021 and IGST and cess collected from imports for the same period.

The government has settled Rs.28,087 crore to CGST and Rs.24,100 crore to SGST from IGST as regular settlement. The total GST revenue of the Centre and the states for July 2021 after the regular settlement is Rs.50,284 crore for CGST and Rs.52,641 crore for the SGST.

The overall revenues for July 2021 are 33% higher than in July 2020, and revenues from the import of goods were 36% higher. The revenues from the domestic transaction, including the import of services, are 32% higher than in July 2020.

The Ministry of Finance had already included GST collection for the returns filed between 1st July to 5th July 2021 of Rs.4,937 crore in June 2021 GST collections. The small taxpayers with an aggregated turnover up to Rs.5 crore were given relief for GSTR-3B of June 2021 in the form of waiver or reduction in interest on delayed return filing for 15 days amid COVID-19 second wave.

GST collections dropped below Rs.1 lakh crore in June 2021, as the collections during June 2021 are predominantly related to May 2021, when most states/UTs were under either complete or partial lockdown due to COVID.

GST collection for July 2021 has crossed Rs.1 lakh crore, indicating the economy’s speedy recovery. The resumption in economic activities with the lifting of lockdown restrictions would show robust GST revenues in the coming months too.

For any clarifications/feedback on the topic, please contact the writer at dvsr.anjaneyulu@cleartax.in

AJ

DVSR Anjaneyulu known as AJ, is a Chartered Accountant by profession. Loves to listening to music & spending time with family and friends.