GST Collection in June 2021 | GST Collections: GST collection decreased in June, the lowest level of 10 months
GST revenue in June, 2021 is 2 percent higher than the same month last year
New Delhi: Goods and Services Tax (GST) collection has come down to Rs 92,849 crore in June. It has come below the Rs 1 lakh crore mark for the first time in eight months. The Finance Ministry gave this information on Tuesday. The lockdown imposed due to the second wave of the Kovid-19 epidemic has also affected the GST collection figures.
The share of Central GST in the total GST collection in June was Rs 16,424 crore, State GST was Rs 20,397 crore and Integrated GST was Rs 49,079 crore (of which Rs 25,762 crore was collected on import of goods). Of this, the share of cess stood at Rs 6,949 crore. 809 crore in cess was collected on import of goods.
The GST revenue in June, 2021 was two per cent higher than the same month last year. The GST collection in June, 2020 was Rs 90,917 crore. Earlier, for eight consecutive months, the GST collection was more than Rs 1 lakh crore. The GST collection in May stood at Rs 1.02 lakh crore. The GST collection for June, 2021 is based on the business transactions in May, 2021. In May, most of the states/UTs were under complete or partial lockdown due to the COVID-19 pandemic.
“GST revenue will increase in the coming months”
The ministry said that the e-way bill data for the month of June shows that the GST revenue will increase in the coming months. In June, 2021, 5.5 crore e-way bills have been generated, indicating an improvement in trade and business. 3.99 crore e-way bills were generated in May and 5.88 crore in April.
“The effect of the imposed lockdown was very limited”
Aditi Nair, Chief Economist, ICRA, said that the GST collection figures are positively shocking, despite falling to a 10-month low in June. Overall, the GST collection figures in the first quarter of the current financial year have been twice as high as the first quarter of the previous financial year, indicating that the impact of the lockdown imposed due to the second wave of Kovid-19 has been very limited. .”
MS Mani, senior director, Deloitte India, said the June collections are based on transactions for May 2021. At that time the economy was badly affected by the pandemic. From this point of view this figure is satisfactory. EY’s tax partner Abhishek Jain said the June collection figure is based on May supplies. At that time there was a lockdown in many parts of the country. So, this fall in the collection is as expected.
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