The gross GST revenue aggregated in the month of July 2021 is ₹ 1,16,393 crore of which CGST is ₹ 22,197 crore, SGST is ₹ 28,541 crore, IGST is ₹ 57,864 crore (including ₹ 27,900 crore collected on import of goods) and Cess is ₹ 7,790 crore (including ₹ 815 crore collected on import of goods).
The above figure includes GST assembled received from GSTR-3B returns filed between 1st July 2021 to 31st July2021 as well as IGST and cess collected from imports for the same spell.
The GST collection for the returns filed between 1st July to 5th July 2021 of ₹ 4,937 crore had also been counted in the GST collection in the press note for the month of June 2021 since taxpayers were given numerous relaxations measured in the form of waiver/discount in interest on delayed return filing for 15 days for the return filing month June21 for the taxpayers with the aggregate turnover up to Rs. 5 crore in the wake of covid pandemic second wave.
The government has resolved ₹ 28,087 crore to CGST and ₹ 24100 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 is ₹ 50284 crore for CGST and ₹ 52641 crore for the SGST.
The returns for the month of July 2021 are 33% higher than the GST revenues in the same month last year. During the month, earnings from import of goods were 36% higher and the revenues from domestic transactions (including import of services) were 32% higher than the revenues from these sources during the same month last year.
GST collection, after posting above Rs. 1 lakh crore mark for eight months in a row, declined below Rs. 1 lakh crore in June 2021 as the collections during the month of June 2021 principally related to the month of May 2021 and during May 2021, most of the States/UTs were under either complete or partial lock down due to COVID.
With the withdrawal of COVID curbs, GST collection for July2021 has again surpassed ₹1 lakh crore, which clearly marks that the economy is improving at a fast pace.The robust GST revenues are likely to be pursued in the coming months too.
