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GST collections in June fall below Rs1 lakh crore for first time after 8 months

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  • Goods and Services Tax (GST) revenue collected in June fell below Rs 1 lakh crore for the primary time in eight months. The gross sales collected within the month stood at Rs 92,849 crore.

Of this, CGST stands at Rs 16,424 crore, SGST at Rs 20,397 crore, IGST at Rs 49,079 crore including Rs 25,762 crore collected on goods imports. the entire cess collected was Rs 6,949 crore including Rs 809 crore collected on goods imports.

“The above figure includes GST collection from domestic transactions between June 5 to July 5, 2021, since taxpayers got various relief measures within the sort of waiver/reduction in interest on delayed return filing for 15 days for the return filing month summer solstice for the taxpayers with the mixture turnover up to Rs. 5 crores within the wake of covid pandemic second wave,” said the govt during a handout.

The government also indicated that it settled Rs 19,286 crore to CGST and Rs 16,939 crore to SGST from IGST as regular settlement.

GST COLLECTION FALLS BELOW RS 1 LAKH CRORE
It is the second straight month when GST collections have dropped, and therefore the first time in eight months when revenue has fallen below Rs 1 lakh crore.

While GST revenue collection moderated to Rs 1.02 lakh crore in May, it fell below Rs 1 lakh crore in June thanks to the impact of Covid restrictions. However, the revenue generated in June remains 2 percent above the GST collection within the corresponding month a year ago.

“GST collection after posting above Rs 1 lakh crore mark for eight months during a row, the gathering in June 2021 dropped below Rs 1 lakh crore,” said the govt.

Highlighting that the GST collection for June 2021 is said to business transactions made during May 2021, the govt said, “During May 2021, most of the States/UTs were under either complete or partial lockdown thanks to Covid. The e-way bill data for the month of May 2021 shows that in the month, 3.99 crore e-way bills were generated as compared to five .88 crore within the month of April 2021, down by quite 30%.”

“However, with a discount in caseload and easing of lockdowns, the e-way bills generated during June 2021 is 5.5 crore which indicates recovery of trade and business,” it added.

With eased relaxations following improvement within the overall Covid-19 situation within the country, the govt expects GST revenues to rise from July 2021 onwards.

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