GST June 2021 Collections Fall Below Rs 1 Lakh Crore For First Time In Eight Months

GST collections after regularly crossing the Rs 1 lakh crore mark for eight months in a row, fell below it in June 2021.

GST June 2021 Collections Fall Below Rs 1 Lakh Crore For First Time In Eight Months

GST collections for June 2021 have fallen below Rs 1 lakh crore mark for first time in eight months

Gross Good and Services Tax (GST) collections for June 2021 were Rs 92,849 crore, the Finance Ministry said in a statement. GST collections after regularly crossing the Rs 1 lakh crore mark for eight months in a row, fell below it in June 2021.

Out of the gross GST collections, Central GST (CGST) stood at Rs 16,424 crore, State GST (SGST) was at Rs 20,397, Integrated GST (IGST) was Rs 49,079 crore and Cess totalled Rs 6,949 crore.

The collections are based on domestic transactions which took place between June 5 and July 5, 2021. This was the period during which taxpayers were given relief in the form of waiver or reduction in interest on delayed return filing for 15 days. This relief was for the return filing month of June 2021 and for taxpayers with aggregate turnover of up to Rs 5 crore.

Government had given this waiver owing to the second wave of the Coronavirus pandemic, the Finance Ministry statement added.

During this period, the Centre settled Rs 19,286 crore towards CGST and Rs 16,939 crore towards SGST from IGST as regular settlement.

The revenues for the month of June 2021 are 2 per cent higher than the GST revenues in the same month last year, official sources said.