Indian Economy Forecast – Signs Of ‘Acche Din’ Again In The Economy? GST Collection Crosses 1 Lakh Crore In July – The central government suffered a serious setback in June on the products and Services Tax (GST) front. After 8 consecutive months i.e. till May, the GST collection was over Rs 1 lakh crore, thanks to Corona crisis in June. But in July, once more the figures of great collection have begin in GCT.
Indian Economy Forecast – Signs Of ‘Acche Din’ Again In The Economy? GST Collection Crosses 1 Lakh Crore In July
Total collection of Rs 92,849 crore in June
In fact, the Finance Ministry said on Sunday that in July, the GST collection has increased by 33 percent to Rs 1.16 lakh crore. The GST revenue figures for July are indicating a pointy recovery within the economy. Earlier, in June-2021, the GST collection was but Rs 1 lakh crore i.e. Rs 92,849 crore. Whereas in July-2020, the GST collection was Rs 87,422 crore.
According to the info , the gross GST revenue in July- 2021 was Rs 1,16,393 crore. Of this, Central GST stood at Rs 22,197 crore, State GST Rs 28,541 crore, Integrated GST Rs 57,864 crore (of which Rs 27,900 crore was mobilized on import of goods) and Cess Rs 7,790 crore (Rs 815 crore was mobilized on import of goods).
33% jump in GST collections on a yearly basis
The figure of GST collection in July, 2021 was 33 percent quite an equivalent month a year ago. This includes GST returns filed from Dominion Day to 31, IGST for an equivalent period and cess collected on import of products .
Revenue from import of products within the month under review was 36 percent above the corresponding month last year. On the opposite hand, collections from domestic transactions (including import of services) were higher by 32 per cent.
Government said – rapid improvement within the economy
The Finance Ministry said that for eight consecutive months, the figure of GST collection was quite one lakh crore rupees. then in June 2021, it decreased to below it. This was because the June collections were associated with the May transactions.
Significantly, during May- 2021, thanks to Kovid-19, there was complete or partial lockdown in most of the states and union territories. The ministry said that with the relief of restrictions associated with Kovid-19, the GST collection figure for July has once more crossed one lakh crore rupees. This shows that the economy is returning to hurry .