Despite higher revenue generation,GST collection drops in June

In the month of June the GST collections fell below Rs 1 lakh crore for the first time in eight months. The gross GST revenue collected in the month of June is Rs 92,849 crore. “The above figure includes GST collection from domestic transactions between June 5 to July 5, 2021, since taxpayers were given various relief measures in the form of waiver/reduction in interest on delayed return filing for 15 days for the return filing month June 21 for the taxpayers with the aggregate turnover up to Rs. 5 crore in the wake of covid pandemic second wave,” said the government in a press release.

The government also indicated that it settled Rs 19,286 crore to CGST and Rs 16,939 crore to SGST from IGST as regular settlement. While GST revenue collection moderated to Rs 1.02 lakh crore in May, it fell below Rs 1 lakh crore in June due to the impact of Covid restrictions. However, the revenue generated in June is still 2 per cent higher than the GST collection in the corresponding month a year ago.