After A Blip In June, GST Collection Back To Breaching 1-Lakh Crore Mark In July — 33% Higher Than Same Month Last Year

After A Blip In June, GST Collection Back To Breaching 1-Lakh Crore Mark In July — 33% Higher Than Same Month Last Year
GST collections

The Ministry of Finance on Sunday (1 August) stated that the GST revenue for the month of July stood at Rs 1,16,393 crore — a 33 per cent increase over the same month a year ago, reports Livemint.

Of the Rs 1,16,393 crore, CGST is Rs 22,197 crore, SGST is Rs 28,541 crore, IGST is Rs 57,864 crore (including Rs 27,900 crore collected on import of goods) and Cess is Rs 7,790 crore (including Rs 815 crore collected on import of goods).

Among major states, Maharashtra, Haryana, Odisha and Jharkhand showed over 50 per cent increase. Arunachal Pradesh topped the chart with 69 per cent increase.

Ladakh showed an increase of 95 per cent, while Jammu and Kashmir showed 45 per cent growth.

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

The GST collection had clocked more than Rs 1 lakh crore for eight months in a row before June 2021. It missed the mark during the month of June 2021 as it is predominantly related to the month of May and in May, most of the country was under either complete or partial lockdown due to COVID.

With the second wave subsiding and COVID restrictions being eased out, GST collection for July 2021 has gone back to overshooting the Rs 1 lakh crore mark, signalling economic recovery.