GST revenue jumps 33% year-on-year to over Rs 1.16 lakh crore in July

New Delhi: The Finance Ministry on Sunday (August 1) announced that the Goods and Services Tax (GST) revenue for July 2021 stood at more than Rs 1.16 lakh crore. The collection in the period under review is 33% higher than the collection in the same month last year, the finance ministry said. 

The sharp rise in the GST collects suggests that India’s economy is recovering at a fast pace. Notably, GST collections in July 2020 had stood at Rs 87,422 crore. In June 2021, GST collections stood at Rs Rs 92,849 crore. 

According to the data shared by the finance ministry, the gross GST revenue in July 2021 is Rs 1,16,393 crore. Out of the total figure, the Central GST collected in July was Rs 22,197 crore while the state GST stood at Rs 28,541 crore. 

The notification points out that the Integrated GST collection was Rs 57,864 crore (including Rs 27,900 crore collected on import of goods) and cess collection stood at Rs 7,790 crore (including Rs 815 crore collected on import of goods) during the period under review.

"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 as the collections during the month of June 2021 predominantly related to the month of May 2021...," the finance ministry said.

During May 2021, most of the states/union territories were under either complete or partial lockdown due to COVID, it said. Also Read: WhatsApp unveils Billie Eilish animated sticker pack; Check how to download it

"With the easing out of COVID restrictions, GST collection for July 2021 has again crossed Rs 1 lakh crore, which clearly indicates that the economy is recovering at a fast pace. The robust GST revenues are likely to continue in the coming months too," the ministry said in a statement. Also Read: Planning to get a credit card? Here’s how to choose the best one

With PTI inputs.