New Delhi: The Ministry of Finance informed that the gross GST revenue collected in the month of July has increased by 33 per cent to Rs 1,16,393 crore. During the last month i.e. June 2021, the GST collection was less than Rs 1 lakh crore i.e. Rs 92,849 crore.
In an official statement issued on Sunday, the ministry stated that of the collected gross GST revenue, Central GST is Rs 22,197 crore, State GST is Rs 28,541 crore, Integrated GST is Rs 57,864 crore (including 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).
It is worth noticing that the figure of GST collection in July 2021 was 33 per cent more than the same month a year ago in July 2020. This includes GST returns filed from July 1 to 31, IGST for the same period and cess collected on import of goods.
During the month, revenues from import of goods was 36 per cent higher and the revenues from domestic transaction (including import of services) are 32 per cent higher than the revenues from these sources during the same month last year.
The Central government in the issued release stated that GST collection, after posting above Rs. 1 lakh crore mark for eight months in a row, dropped below Rs. 1 lakh crore in June 2021 as the collections during the month of June 2021 predominantly related to the month of May 2021 and during May2021, most of the States/UTs were under either complete or partial lock down due to COVID.
With the easing out of COVID restrictions, GST collection for July 2021 has again crossed Rs 1 lakh crore, which clearly indicates that the economy is recovering at a fastpace. The robust GST revenues are likely to continue in the coming months too, the Union Finance Ministry said.
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