Over 1.16 lakh Cr GST revenue collected for the month of July 2021

GST revenue

NEW DELHI: The GST revenue collected in July 2021 is 1,16,393 crore, said the Finance Ministry.

Today, the Ministry issued a press release regarding the GST revenue collected for this month and said this is a 33 percent increase over the same month a year ago.

During the month, revenues from import of goods were 36% higher and the revenues from the domestic transaction (including import of services) are 32% higher than the revenues from these sources during the same month last year.

Of the total collected GST revenue, 22,197 crore is CGST, 28,541 crore is SGST, 57,864 crore is IGST (including 27,900 crore collected on import of goods), and Cess is 7,790 crore (including 815 crore collected on import of goods).

The above figure includes GST collected from GSTR-3B returns filed between July 1st and July 31st, 2021, as well as IGST and cess collected from imports during the same period.

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The GST collection for the returns filed between July 1 and 5, 2021 of 4,937 crore was also included in the GST collection in the press note for June 2021 since taxpayers were given various relief measures in the form of waiver/reduction in interest on delayed return filing for 15 days for the return filing month June 21 for taxpayers with an aggregate turnover of upto Rs.5 crore in the wake of covid pandemic second wave.

As part of the regular settlement, the government has settled 28,087 crore to CGST and 24100 crore to SGST from IGST.

After regular settlement in July 2021, the total revenue of the Centre and the States is 50284 crore for CGST and 52641 crore for SGST.

GST collection, which had been above Rs. 1 lakh crore for eight months in a row, dropped below Rs. 1 lakh crore in June 2021 because the collections in June 2021 were primarily related to May 2021, and during May 2021, most States/UTs were either completely or partially locked down due to COVID.

With the relaxation of COVID restrictions, GST collection for July 2021 has again exceeded 1 lakh crore, indicating that the economy is recovering at a rapid pace.