News Brief
COVID-19 Fallout: At Rs 92,849 Crore, GST Collection In June Falls Below 1 Lakh Crore Mark For First Time In Eight Months
GST collections
The gross Goods and Services Tax (GST) revenue collected in the month of June is Rs 92,849 crore, of which CGST is Rs 16,424 crore, SGST is Rs 20,397 crore, IGST is Rs 49,079 crore ( including Rs 25,762 collected on imported goods) and cess is Rs 6,949 crore (including Rs 809 crore collected on import of goods), the Finance Ministry said on Tuesday (6 July).
The above figure includes GST collection from domestic transactions between 5 June to 5 July since taxpayers were given various relief measures in the form of waiver and reduction in interest on delayed return filing for 15 days for the return filing month June, for the taxpayers with the aggregate turnover up to Rs 5 crore, in the wake of covid pandemic second wave, the ministry said.
During this month the government has settled Rs 19,286 crore to CGST and Rs 16,939 crore to SGST from IGST as regular settlement.
The revenues for the month of June are 2 per cent higher than the GST revenues in the same month last year, the ministry said in a statement.
GST collection after posting above Rs 1 lakh crore mark for eight months in a row, the collection in June dropped below Rs 1 lakh crore.
According to the ministry, the GST collection for June is related to the business transactions made during May.
During May, most of the states and UTs were under either complete or partial lock down due to COVID. The e-way bill data for the month of May shows that during the month, 3.99 crore e-way bills were generated as compared to 5.88 crore in the month of April, down by more than 30 per cent, the ministry said.
However, with reduction in caseload and easing of lockdowns, the e-way bills generated during June is 5.5 crore which indicates recovery of trade and business, according to the ministry.
The daily average generation of e-way bill for the first two weeks of April was 20 lakh, which came down to 16 lakh in last week of the same month and further fell to 12 lakh in the two weeks between 9 to 22 May, it added.
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