indian economy gst collection in july increased 33% than 2020 touches rs 1.16 lakh crore
Goods and Services Tax collection has crossed Rs 1.16 lakh crore in July 2021. This is 33 percent more than the July 2020 collection. In June 2021 also, the revenue collection was below one lakh crore. The latest tax collection is about 20 per cent higher than the previous month.
GST Collection in July 2021: There have been signs of rapid recovery from the corona epidemic in the Indian economy. Service Tax (GST) collection has increased by 33 per cent to Rs 1.16 lakh crore in July 2021. The Finance Ministry has given this information today. The GST collection in July 2020 was Rs 87,422 crore. In June 2021, the GST collection was less than Rs 1 lakh crore i.e. Rs 92,849 crore. The GST revenue in July 2021 stood at Rs 1,16,393 crore. This is 33 per cent more than last year.
These include Central GST Rs 22,197 crore, State GST Rs 28,541 crore, Integrated GST Rs 57,864 crore and Cess Rs 7,790 crore.
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GST 36% higher than imports in July 2020
In addition to the GST returns filed from 1st to 31st July 2021, IGST for the same period and cess collected on import of goods are also included. Revenue from import of goods in the month under review was 36 per cent higher as compared to the same month last year. Collection from domestic transactions up 32 per cent
Collection in June decreased due to lockdown
In the information released by the Union Finance Ministry, it has been told that for eight consecutive months, the figure of GST collection was more than one lakh crore rupees. After that it came down to below in June 2021. This was because the June collections were related to the May transactions. During May 2021, due to Kovid-19, most of the states and union territories were under complete or partial lockdown. After the relaxation of the lockdown, that is, the figure of GST collection for July has once again crossed one lakh crore rupees. This shows that the economy is recovering rapidly.
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