New Delhi: Goods and Services Tax collection has increased by 33 per cent to Rs 1.16 lakh crore in July. The Finance Ministry gave this information on Sunday. The July GST revenue data shows that the economy is recovering at a rapid pace. The GST collection in July, 2020 was Rs 87,422 crore. Earlier, in the last month i.e. June, 2021, the GST collection was less than Rs 1 lakh crore i.e. Rs 92,849 crore.
GST revenue stood at Rs 1,16,393 crore
GST collection figure in July, 2021 was 33 percent more than the same month a year ago. This includes GST returns filed from July 1 to 31, IGST for the same period and cess collected on import of goods.
36 percent more than the same month last year
Revenue from import of goods in the month under review was 36 percent higher as compared to the same month last year. On the other hand, collections from domestic transactions (including import of services) were higher by 32 per cent. The Finance Ministry said that for eight consecutive months, the figure of GST collection was more than one lakh crore rupees. After that in June 2021, it came down to below it. This was because the June collection was linked to the May transaction.
During May, 2021, due to Kovid-19, there was complete or partial lockdown in most of the states and union territories. The ministry said that with the relaxation of restrictions related to Kovid-19, the GST collection figure for July has once again crossed one lakh crore rupees. This shows that the economy is recovering rapidly.
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