Over Rs 1.16 Lakh Crore Gross GST Revenue Collected In July

Over Rs 1.16 lakh crores gross Goods and Services Tax (GST) revenue was collected in July of which CGST is Rs 22,197 crores, SGST is Rs 28,541 crores, IGST is Rs 57,864 crores and Cess is Rs 7,790 crores (including Rs 815 crores collected on import of goods), the Ministry of Finance informed on Sunday.

These figures include GST collection received from GSTR-3B returns filed between July 1, 2021, to July 31, 2021, as well as IGST and cess collected from imports for the same period. The GST collection for the returns filed between July 1 to July 5, 2021, of Rs 4,937 crores had also been included in the GST collection for June 2021.

The government has settled Rs 28,087 crores to CGST and Rs 24,100 crores to SGST from IGST as regular settlement.

The total revenue of the Centre and the States after regular settlement in the month of July 2021 is Rs 50,284 crores for CGST and Rs 52,641 crores for the SGST, the finance ministry said.

According to the release, the revenues for the month of July 2021 are 33 per cent higher than the GST revenues in the same month last year.

“During the month, revenues from import of goods were 36 per cent higher and the revenues from the domestic transactions (including import of services) are 32 per cent higher than the revenues from these sources during the same month last year,” it said.

GST collection, after posting above Rs 1 lakh crore mark for eight months in a row, dropped below Rs 1 lakh crore in June 2021 as the collections during the month of June 2021 predominantly related to the month of May 2021 and during May 2021, most of the States and Union Territories were under either complete or partial lockdown due to COVID-19.

“With the easing out of Covid restrictions, GST collection for July 2021 has again crossed Rs 1 lakh crore, which clearly indicates that the economy is recovering at a fast pace. The robust GST revenues are likely to continue in the coming months too,” the Finance Ministry said.

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