July's GST collection at over Rs 1.16 lakh crore; second highest this fiscal

NEW DELHI: The goods and services tax (GST) collection for the month of July was Rs 1,16,393 crore, data released by finance ministry showed on Sunday.

The tax mop-up regained the six-figure mark after falling below Rs 1 lakh crore last month due to partial lockdown imposed in several states during May.

Out of the total revenue collected

CGST

was Rs 22,197 crore, SGST was Rs 28,541 crore, IGST was Rs 57,864 crore — including Rs 27,900 crore collected on import of goods — and Cess was Rs 7,790 crore — including Rs 815 crore collected on import of goods.



The

GST collection

for the returns filed during July 1-5 of Rs 4,937 crore had also been included in the GST collection for the month of June 2021 since taxpayers were given various reliefs in the form of waiver or reduction in interest on delayed return filing amid the pandemic, said an official statement.

The government has settled Rs 28,087 crore to CGST and Rs 24,100 crore to SGST from IGST as regular settlement. The total revenue of Centre and the states after regular settlement in the month of July 2021 was Rs 50,284 crore for CGST and Rs 52,641 crore for the SGST.



The revenues for the month of July 2021 are 33% higher than the GST revenues in the same month last year.

During the month, revenues from import of goods was 36% higher and the revenues from domestic transaction (including import of services) are 32% higher than the revenues from these sources during the same month last year.

With the easing 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 faster pace. The robust GST revenues are likely to continue in the coming months too, the finance ministry statement said.