NEW DELHI: India’s tax Goods and Services Tax (GST) mop-up grew 33% year-on-year in July to over Rs 1.16 lakh crore, indicating that the economy is recovering at a fast pace. In July 2020, the collection was Rs 87,422 crore. This is the second highest collection so far this fiscal after a record Rs 1.41 lakh crore mop-up in April. The finance ministry in a statement said robust GST revenues are likely to continue in the coming months as well.
The gross GST revenue collected in the month of July 2021 is Rs 1,16,393 crore of which Central GST is Rs 22,197 crore, State GST is Rs 28,541 crore, Integrated GST 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 revenues for the month of July 2021 are 33% higher than the GST revenues in the same month last year and include GST returns filed between July 1-31 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 ministry said.
In the current fiscal, GST mop-up touched a record high of over Rs 1.41 lakh crore in April, but declined to over Rs 1.02 lakh crore in May after the outbreak of second wave. In June, collection slipped below the psychological Rs 1 lakh crore mark to Rs 92,849 crore followed by a sharp rebound in July to Rs 1.16 lakh crore.
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