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GST collection comes low for first time after 8 months

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The Gross Goods and Services Tax collection for the month of June stood at ₹92,849 crore, first fall from ₹1 lakh crore-mark in 8 months, since September 2020.

 

Of the gross collections, CGST stands at ₹16,424 crore, SGST is ₹ 20,397, IGST is ₹49,079 crore (including ₹25,762 crore collected on import of goods) and Cess is ₹6,949 crore (including ₹809 crore collected on import of goods), the Ministry of Finance said in a statement.

 

The ministry said in the statement, “During May 2021, most of the States/UTs were under either complete or partial lock down due to COVID,” citing a 30% fall in e-way bill generation in May from April’s numbers. 

 

The June collection was on expected lines as daily e-way bill generation, which indicates supply in the economy, declined to a one-year low of average 1.2 million in May.

 

The e-way bills generated during June have recovered to 55 million on account of the reduction in caseload and the easing of lockdowns, “which indicate recovery of trade and business”.

 

The GST collection includes domestic transactions between June 5 and July 5 as taxpayers were provided relief in the form of waivers and reduction in interest on delayed return filing for 15 days for the return filing month June for those with turnover of up to Rs 5 crore in the wake of the second Covid wave.

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