GST Collections For July At Rs 1.12 Lakh Crore
GST collections for July were marginally lower than the previous month.
The government’s goods and services tax revenue collection remained above Rs 1 lakh crore in July, but fell over the previous month.
GST revenue for July, collected in August, stood at Rs 1,12,020 crore, according to a statement from the finance ministry. That is 3.7% lower than the Rs 1,16,393 crore collected for June. Collections were 29.5% above a year earlier.
Break-up of GST collections:
Central GST: Rs 20,522 crore.
State GST: Rs 26,605 crore.
Integrated GST: Rs 56,247 crore (includes Rs 26,884 crore collected on import of goods).
Cess: Rs 8,646 crore (includes Rs 646 crore collected on import of goods).
The dip in the GST collections has belied a healthy improvement in GST e-way bills to a daily average of 21 lakh in July 2021 from 18 lakh in June, which was reflective of the lifting of restrictions especially across the Southern states, said Aditi Nayar, chief economist at ICRA in an emailed statement.
"Nevertheless, the GST collections remained healthy at well above Rs 1 lakh crore, the year-on-year growth is as high as 30%, and the ad hoc settlement of unapportioned IGST will also help to ease the cash flows of the Centre and the states," Nayar said.