Central and state governments collected ₹1.16 trillion in goods and services tax (GST) revenue in July, showing consumption is picking up with the easing of mobility restrictions. According to a statement by the Union finance ministry, the figure covers GST collection during 1-31 July.
Earlier, GST collection worth ₹ 4,937 crore was included in the figure for June since interest relief was given to taxpayers for delayed payment for that period. Still, GST collection above ₹1 trillion offers comfort to the authorities as it indicates a sequential growth trajectory.
While the Centre collected ₹5,0284 crore, states garnered a sum of ₹5,2641 crore as GST revenue in July.
The revenues for the month of July 2021 are 33% higher than the GST revenues in the same month last year.
GST collection remained above the ₹1 trillion mark for eight months in a row, but dropped below ₹1 trillion in June 2021 as collections were impacted by regional lockdowns and restrictions imposed in the wake of the covid-19 pandemic during the period, the finance ministry said in the statement.
"With the easing out of covid restrictions, GST collection for July 2021 has again crossed ₹1 trillion, 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," said the ministry.