GST income for the month of July stood at over Rs 1.16 lakh crore, 33 per cent increased than the gathering in the identical month of 2020, indicating that the financial system is recovering at a quick tempo, the finance ministry stated on Sunday. Goods and Services Tax (GST) assortment in July 2020 was Rs 87,422 crore, sequentially, it was Rs 92,849 crore in June this yr.
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, Integrated 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 increased than GST collected in the identical month final yr and embrace GST returns filed between July 1-31 in addition to IGST and cess collected from imports for a similar interval.
During the month, revenues from import of products had been 36 per cent increased and the gathering from home transactions (together with import of providers) had been 32 per cent increased than the revenues from these sources throughout the identical month final yr. “GST assortment, after posting above Rs 1 lakh crore mark for eight months in a row, dropped beneath Rs 1 lakh crore in June 2021 because the collections throughout the month of June 2021 predominantly associated to the month of May 2021…,” the finance ministry stated.
During May 2021, a lot of the states/union territories had been underneath both full or partial lockdown attributable to COVID, it stated. “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 financial system is recovering at a quick tempo. The sturdy GST revenues are prone to proceed within the coming months too,” the ministry stated in an announcement.
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