Govt’s revenue collection shows improvement as GST for July stands at Rs 1,16,393 crore – The Economic Times

Clipped from: https://economictimes.indiatimes.com/news/economy/finance/govts-revenue-collection-shows-improvement-as-gst-for-july-stands-at-rs-116393-crore/articleshow/84941796.cmsSynopsis

The revenue for July is 33% higher than the same period last year when most of the economic activity came under the impact of the Covid’s first wave.

The government collected Rs 1,16,393 crore GST revenue for the month of July after it dropped below the Rs 1 lakh crore mark in June.

The revenue for July is 33% higher than the same period last year when most of the economic activity came under the impact of Covid’s first wave.

Increased revenue collection has also helped in containing the fiscal deficit in the first quarter, which came in at an eight-year low.

GST revenue had shown a consistent improvement as it remained above the Rs 1 lakh crore mark for eight months straight before dipping to Rs 92,849 crore in June as local lockdowns impacted economic activity.

For July, 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).

The above figure includes GST collection 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 period.

“With the easing out 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 fast pace. The robust GST revenues are likely to continue in the coming months too,” the finance ministry said in a statement.

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