GST collections remain below Rs 1 lakh crore for first time in June

The Goods and Services Tax collection for the month of June is out and it stands at  Rs 92,849 crore, which saw the first fall from Rs 1 lakh crore mark in 8 months.

In the gross collections, CGST stands at Rs 16,424 crore whereas SGST and IGST are Rs 20,397 and 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), said the Ministry of Finance in a statement.

This figure of GST collection is from June 5 to July 5, 2021, as taxpayers were provided with several relief measures which remain in the form of waiver/reduction in interest.

The government has further settled Rs 19,286 crore to CGST and Rs 16,939 crore to SGST from IGST.

In June,  the revenues went up by 2% as compared to the GST revenues in the same month last year.

This Rs 1 lakh crore drop in GST collection came after 8 months of continuously posting the collection above Rs 1 lakh crore mark.