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This article is more than 3 month old.

GST collection slips below Rs 1 lakh crore for 1st time since September 2020

Mini

The GST collection dropped below Rs 1 lakh crore in June following reduced business activity in May due to COVID-19-induced lockdowns, the Union Finance Ministry said.

GST collection slips below Rs 1 lakh crore for 1st time since September 2020
The gross Goods and Services Tax (GST) collection slipped below Rs 1 lakh crore in June for the first time since September last year.
At Rs 92,849 crore, the lowest GST collection in eight months comes against the backdrop of reduced business activity in May due to lockdowns across states in view of the second COVID-19 wave.
“During May’2021, most of the States/UTs were under either complete or partial lockdown due to COVID. The e-way bill data for the month of May 2021 shows that during the month, 3.99 crore e-way bills were generated as compared to 5.88 crore in the month of April 2021, down by more than 30%,” the Union Finance Ministry said in a statement.
It, however, added that with a reduction in coronavirus caseload and easing of lockdowns, the e-way bills generated during June 2021 is 5.5 crore which indicates recovery of trade and business.
Of the gross GST collected, Central Goods and Services Tax (CGST) is Rs16,424 crore, State Goods and Services Tax (SGST) is Rs 20,397, Integrated Goods and Services Tax (SGST) is Rs 49,079 crore (including Rs 25,762 crore collected on import of goods) and cess is Rs 6,949 crore (including Rs 809 crore collected on import of goods), the ministry said.
“The revenues for the month of June 2021 are 2% higher than the GST revenues in the same month last year,” it said.
The ministry clarified that figure includes GST collection from domestic transactions between June 5 to July 5 since taxpayers were given various relief measures in the form of waiver/reduction in interest on delayed return filing for 15 days. The measures were for the return filing month June’21 for the taxpayers with an aggregate turnover upto Rs 5 crore.
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