: GST collections in June plunge below Rs 1 lakh cr #finance #StockMarketNEWS GST collections in June plunge below Rs 1 lakh cr New Delhi, Jul 6 (KNN) The Goods and Services Tax (GST) collection,

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GST collections in June plunge below Rs 1 lakh cr #finance #StockMarketNEWS
GST collections in June plunge below Rs 1 lakh cr New Delhi, Jul 6 (KNN) The Goods and Services Tax (GST) collection, after posting above Rs 1 lakh crore mark for eight months in a row, dropped below Rs 1 lakh crore in June 2021. 

According to an official statement on Tuesday, the gross GST revenue collected in the month of June’ 2021 is Rs 92,849 crore of which CGST is Rs 16,424 crore, SGST is Rs 20,397, IGST is Rs 49,079 crore (including Rs 25,762 crore collected on import of goods) and Cess is Rs 6,949 crore (including Rs 809 crore collected on import of goods).

The above figure includes GST collection from domestic transactions between 5thJune to 5th July 2021 since taxpayers were given various relief measures in the form of waiver/reduction in interest on delayed return filing for 15 days for the return filing month June’21 for the taxpayers with the aggregate turnover upto Rs 5 crore in the wake of covid pandemic second wave.

During this month the government has settled Rs 19,286 crore to CGST and Rs 16,939 crore to SGST from IGST as regular settlement, the statement added.

The revenues for the month of June 2021 are 2 per cent higher than the GST revenues in the same month last year.

The GST collection for June 2021 is related to the business transactions made during May’2021. During May’2021, most of the States/UTs were under either complete or partial lock down due to COVID. The e-way bill data for the month of May 2021 shows that during the month, 3.99 crore e-way bills were generated as compared to 5.88 crore in the month of April 2021, down by more than 30 per cent.

However, with reduction in caseload and easing of lockdowns, the e-way bills generated during June 2021 is 5.5 crore which indicates recovery of trade and business.

The daily average generation of e-way bills for the first two weeks of April 2021 was 20 lakh, which came down to 16 lakh in the last week of April 2021 and further to 12 lakh in the two weeks between 9th to 22nd May, the statement added.

Thereafter, the average generation of e-way bills has been increasing and has reached again to 20 lakh level since the week beginning 20th June. Therefore, it is expected that while the GST revenues have dipped during the month of June, the revenues will see an increase again from July 2021 onwards.

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