GST income for the month of July stood at over Rs 1.16 lakh crore, 33 per cent larger than the gathering in the identical month of 2020, indicating that the economic system is recovering at a quick tempo, the finance ministry mentioned on Sunday. Items and Providers Tax (GST) assortment in July 2020 was Rs 87,422 crore, sequentially, it was Rs 92,849 crore in June this 12 months.
The gross GST income collected within the month of July 2021 is Rs 1,16,393 crore of which Central GST is Rs 22,197 crore, State GST Rs 28,541 crore, Built-in GST Rs 57,864 crore (together with Rs 27,900 crore collected on import of products) and cess is Rs 7,790 crore (together with Rs 815 crore collected on import of products). The revenues for the month of July 2021 are 33 per cent larger than GST collected in the identical month final 12 months and embrace GST returns filed between July 1-31 in addition to IGST and cess collected from imports for a similar interval.
Throughout the month, revenues from import of products have been 36 per cent larger and the gathering from home transactions (together with import of companies) have been 32 per cent larger than the revenues from these sources throughout the identical month final 12 months. “GST assortment, after posting above Rs 1 lakh crore mark for eight months in a row, dropped under Rs 1 lakh crore in June 2021 because the collections throughout the month of June 2021 predominantly associated to the month of Could 2021…,” the finance ministry mentioned.
Throughout Could 2021, many of the states/union territories have been underneath both full or partial lockdown on account of COVID, it mentioned. “With the easing out of COVID restrictions, GST assortment for July 2021 has once more crossed Rs 1 lakh crore, which clearly signifies that the economic system is recovering at a quick tempo. The strong GST revenues are prone to proceed within the coming months too,” the ministry mentioned in an announcement.