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India’s economy is improving, GST collection rises 33% to Rs 1.16 lakh crore in July

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New Delhi. Goods and Services Tax (GST) collection grew by 33 per cent to Rs 1.16 lakh crore in July. The Finance Ministry gave this information on Sunday. The GST revenue data for July shows that the economy is recovering at a rapid pace. The GST collection in July, 2020 stood at Rs 87,422 crore.

Earlier, in the last month i.e. June, 2021, the GST collection was less than Rs 1 lakh crore i.e. Rs 92,849 crore. This is the second highest figure of GST collection in the current financial year. Earlier in April, the GST collection stood at Rs 1.41 lakh crore.

According to the data, the gross GST revenue in July, 2021 stood at Rs 1,16,393 crore. Of this, Central GST stood at Rs 22,197 crore, State GST Rs 28,541 crore, Integrated GST Rs 57,864 crore (of which Rs 27,900 crore was mobilized on import of goods) and Cess Rs 7,790 crore (Rs 815 crore was collected on import of goods).

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The GST collection figure in July, 2021 was 33 per cent higher than the same month a year ago. This includes GST returns filed from July 1 to 31, IGST for the same period and cess collected on import of goods. Revenue from import of goods in the month under review was 36 per cent higher as compared to the corresponding month last year. On the other hand, collections from domestic transactions (including imports of services) were higher by 32 per cent.

The Finance Ministry said that for eight consecutive months, the figure of GST collection was more than one lakh crore rupees. After that it came down to below in June 2021. This was because the June collections were linked to the May transactions. During May, 2021, due to COVID-19, most of the states and union territories were under complete or partial lockdown.

The Ministry said that with the easing of restrictions related to COVID-19, the GST collection figure for July has once again crossed Rs 1 lakh crore. This shows that the economy is recovering rapidly. GST collections hit a record high of Rs 1.41 lakh crore in April in the current fiscal, but fell to Rs 1.02 lakh crore as the second wave of the pandemic began in May.

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In June, the GST collection figure further declined from Rs 1 lakh crore to Rs 92,849 crore. MS Mani, senior director, Deloitte India, said the sharp rise in collections suggests that economic activity has improved in June. This is expected to keep the collections even better in the coming months.

Rajat Bose, Partner, Shardul Amarchand Mangaldas & Co. said that collections have improved in June due to pick-up in economic activity. If the country is able to save itself from the third wave, the GST collection will increase further. (agency)

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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