GST Collections In June’21 Falls Below Rs 1 Lakh Crore After 8 Months

GST

The gross GST revenue collected in the month of June is Rs 92,849 crore of which CGST is Rs 16,424 crore, SGST is Rs 20,397, IGST is Rs 49,079 crore (including Rs 25,762 crores collected on import of goods) and Cess is Rs 6,949 crore (including Rs 809 crores collected on import of goods).

The latest data released by Finance Ministry on Tuesday showed that the GST collections fell below the Rs 1 lakh crore mark for the first time in 8 months.

The gross GST revenue collected in the month of June is Rs 92,849 crore of which CGST is Rs 16,424 crore, SGST is Rs 20,397, IGST is Rs 49,079 crore (including Rs 25,762 crores collected on import of goods) and Cess is Rs 6,949 crore (including Rs 809 crores collected on import of goods).

The June GST figures are related to business transactions made during May 2021, but also include taxes on domestic transactions between June 5 and July 5, 2021, due to extended compliance deadlines for taxpayers.

“During May 2021, most of the States/UTs were under either complete or partial lockdown due to COVID,” the ministry said, citing a 30% fall in e-way bill generation in May from April’s numbers, The Hindu reported.

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It added “However, with the reduction in caseload and easing of lockdowns, the e-way bills generated during June 2021 is 5.5 crore (from 3.99 crores in May) which indicates recovery of trade and business,”

The revenues for the month of June 2021 are 2 percent higher than the GST revenues in the same month last year.

The Finance Ministry also said that it is hopeful that GST collections will rise in July as states begin to open up post a devastating second wave.


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