GST collection of over Rs 1 lakh cr in July hints economy recovering at fast pace, says FM


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Nirmala Sitharaman| Photo: ANI

New Delhi: Union Finance Minister Nirmala Sitharaman on Sunday said that Goods and Services Tax (GST) collection for July 2021 has again crossed Rs one lakh crore with easing out of COVID-19 restrictions and added it indicates that the economy is recovering at a fast pace.

"With the easing out of COVID restrictions, GST collection for July 2021 has again crossed Rs one lakh crore, 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," Sitharaman tweeted.

Over Rs 1.16 lakh crores gross Goods and Services Tax (GST) revenue was collected in July of which CGST is Rs 22,197 crores, SGST is Rs 28,541 crores, IGST is Rs 57,864 crores and Cess is Rs 7,790 crores (including Rs 815 crores collected on import of goods), the Ministry of Finance informed on Sunday.

These figures include GST collection received from GSTR-3B returns filed between July 1, 2021, to July 31, 2021, as well as IGST and cess collected from imports for the same period.

The GST collection for the returns filed between July 1 to July 5, 2021, of Rs 4,937 crores had also been included in the GST collection for June 2021.

"With the easing out of Covid restrictions, GST collection for July 2021 has again crossed Rs 1 lakh crore, 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," the Finance Ministry said. (ANI)

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