GST Collections in July rise to 1.16 trillionby Estartup India Grow Business With Us
The month of July saw a record-breaking amount of GST collection. In July, the figure reached a three-month high, according to the statistics. Experts think that the opening of lockdown and easing of movement restrictions are the primary reason for the high number.
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GST Collections in July rise to 1.16 trillion
The relaxation of mobility restrictions led to 1.16 trillion dollars in goods and service tax (GST), collected by the central and state governments in July.
According to a statement from India's finance ministry, the money was collected between July 1 and July 31 this year.
Due to interest relief on delayed payments, however, part of the income from the first five days of June was included in the July statistics. The reason is In the second wave of Covid-19, taxpayers having a total revenue of more than Rs 5 crore were eligible for interest reductions or remission of interest payments.
Statewise and Centre’s GST Collection
According to the most recent figures, the Centre received 50,284 crore and the states 52,641 crore in July.
Furthermore, According to the government, July's revenue was 33 percent higher than it was a year ago.
Consequently, Maharashtra's mop up grew by 51% year-over-year while Tamil Nadu's rose by 36% in July. Similarly, Jharkhand and Odisha, which are both resource-rich, saw a 54 percent increase.
The authorities are therefore encouraged by the fact that GST collections have surpassed 1 trillion. As the country has passed its second wave, this suggests that there is a trend of revenue growth.
Finance Ministry’s Statement on reaching 1 trillion mark
After being above the threshold for eight consecutive months, GST collections dropped below 1 trillion in June. In a statement, the Finance Ministry stated that June's revenue was dominated by transactions from May, when most states were under lockdown and all union territories were under lockdown.
'GST collection for July 2021 has again surpassed 1 trillion,' according to the government. Thus, GST collections are expected to remain strong in the coming months, according to government officials.
Created on Aug 6th 2021 02:25. Viewed 67 times.