IGI Logo

The finance ministry has said that Goods and Services Tax (GST) mop-up grew 33 percent year-on-year in July to over Rs 1.16 lakh crore, indicating that the economy is recovering at a fast pace. This is the second highest collection so far this fiscal after a record Rs 1.41 lakh crore mop-up in April. GST collection in July 2020 was Rs 87,422 crore. Sequentially, it was Rs 92,849 crore in June this year.

The gross GST revenue collected in July 2021 is Rs 1,16,393 crore of which Central GST is Rs 22,197 crore, State GST Rs 28,541 crore, Integrated GST Rs 57,864 crore (including Rs 27,900 crore collected on import of goods), and cess is Rs 7,790 crore (including Rs 815 crore collected on import of goods). The revenues for July 2021 are 33 percent higher than GST collected in the same month last year and include GST returns filed between July 1-31 as well as IGST and cess collected from imports for the same period.

During the month, revenues from the import of goods were 36 percent higher and the collection from domestic transactions (including import of services) were 32 percent higher than the revenues from these sources during the same month last year.