GST Revenue collection for June2021

GST Revenue collection for June2021

The gross GST revenue collected in the month of June’ 2021 is ₹92,849 crore of which CGST is ₹16,424 crore, SGST is ₹20,397, IGST is ₹49,079 crore (including ₹25,762 crores collected on import of goods) and Cess is ₹6,949 crores (including ₹809 crores collected on import of goods). The above figure includes GST collection from domestic transactions between 5th June 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 uptoRs. 5 crore in the wake of the covid pandemic second wave.

During this month the government has settled ₹ 19,286 crores to CGST and ₹ 16,939 crores to SGST from IGST as regular settlement.

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

GST collection after posting above Rs. 1 lakh crore mark for eight months in a row, the collection in June’2021 dropped below Rs. 1 lakh crore. 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 lockdown 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 crores in the month of April 2021, down by more than 30%.

However, with the 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 bill 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. 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.

OV Digital Desk