GST Collections Touched Rs 1.16 Lakh Crore In July 2021

GST collections for July 2021 have been Rs 1.16 lakh crore

Goods and Services Tax (GST) collections for July 2021 have been Rs 1.16 lakh crore, 33 per cent greater than the corresponding interval of final yr.

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According to figures launched by Finance Ministry on Sunday, gross GST income collected in July 2021 are Rs 1,16,393 crore, out of which Central GST is Rs 22,197 crore, State GST is Rs 28,541 crore and Integrated GST is Rs 57,864 crore (together with Rs 27,900 crore collected on import of products) and cess of Rs 7,790 crore (together with Rs 815 crore collected on import of products).

GST collections in July 2020 had stood at Rs 87,422 crore, whereas sequentially that they had stood at Rs 92,849 crore in June this yr.

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"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," the finance ministry mentioned in an announcement.

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During May 2021, when the nation had been severely hit by the second wave of the Coronavirus pandemic, many states have been underneath partial or full lockdown.

"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 fast pace. The robust GST revenues are likely to continue in the coming months too," the ministry mentioned.