GST gathering income for July in more than RS 1.16 lakh cr

New Delhi: Gross GST income collected in July 2021 is Rs 1,16,393 Crore.
Of the total income collected by CGST is Rs 22,197 Crore, SGST is RS 28,541 Crore, IGST is Rs 57,864 Crore – including RS 27,900 Crore collected on the import of goods – and Cess is the RS 815 Crore collected by imports of goods.
The GST collection for returns submitted for 1-5 July at 4,937 crore has also been included in the GST collection for June 2021 because taxpayers are given various reliefs in the form of neglect or delayed reduction in the middle.
Pandemic, the official statement said.
The government has completed RS 28,087 Crore to CGST and RS 24,100 Crore to SGST from IGST as a regular settlement.
The total income of the central and state after regular settlement in July 2021 is Rs 50.284 Crore for CGST and RS 52,641 Crore for SGST.
Revenue for July 2021 was 33 percent higher than GST’s income in the same month last year.
During that month, the revenue from import goods was 36 percent higher and revenue from domestic transactions (including import service) was 32 percent higher than the income from these sources during the same month last year.
GST collection, after posting on RS 1 Lakh Crore Mark for eight consecutive months, it fell below RS 1 Lakh Crore in June 2021 because the collection during June 2021 was mainly related to May 2021 and the most of the country / UT was on Under a complete or partial lock because Covid.
With the easing of Covid restrictions, the GST collection for July 2021 has returned to the RS 1 Lakh Crore, which clearly shows that the economy recovers with a faster speed.
Strong GST income is likely to continue in the coming months, the Ministry of Finance’s statement said.
Commenting on the GST collection number, M.S.
Mani, senior director, Deloitte India said: “The sharp increase in the collection shows the resumption of economic activities in June and will increase the hopes of a better collection in the coming months.” “Increasing in the GST collection both on domestic transactions and imports, accompanied by the fact that the main producing countries have shown a significant increase, will show that economic activities have been continued throughout the country,” Mani added.