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Pandemic disruptions push June GST collection below Rs 1 lakh cr
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SME Times News Bureau | 06 Jul, 2021
India's gross GST revenue collection fell below the psychological mark
of Rs 1 lakh crore for the first time this year, clocking Rs 92,849
crore in June 2021, as collections fell due to disruptions caused by the
fresh wave of Covid-19.
Though the GST revenues during June 2021
are lower than the over Rs 1 lakh crore collections recorded in the
previous month and a record Rs 1.41 lakh crore collection made in April,
it is still a growth over June 2020 collections when GST numbers had
remained low due to the first set of lockdowns.
Most tax experts
had feared that the real impact of the pandemic and lockdowns in
different parts of the country would pull down GST revenues
significantly in May and then in June.
"The revenues for the
month of June 2021 are 2 per cent higher than the GST revenues in the
same month last year", a finance ministry statement said.
According
to the statement, the gross GST revenue collected in the month of June
is Rs 92,849 crore of which CGST is Rs 16,424 crore, SGST is Rs 20,397,
IGST is Rs 49,079 crore (including Rs 25,762 crore collected on import
of goods) and Cess is Rs 6,949 crore (including Rs 809 crore collected
on import of goods).
The June numbers include GST collection from
domestic transactions between 5th June to 5th July 2021 since taxpayers
were given various relief measures in the form of waiver or reduction
in interest on delayed return filing for 15 days for the return filing
month June '21 for the taxpayers with the aggregate turnover upto Rs 5
crore in the wake of the second wave.
During this month the
government has settled Rs 19,286 crore to CGST and Rs 16,939 crore to
SGST from IGST as regular settlement, the statement said.
With
June collections staying close to below the Rs 1 lakh crore mark, it
would be the first month after a gap of eight months in a row when GST
revenues had remained above the threshold. The collection is surprising
as most of the States have been under strict lockdown due to the
pandemic.
The GST collection for June, 2021 is related to the
business transactions made during May, 2021. During May, 2021, most of
the States/UTs were under either complete or partial lockdown due to
Covid.
A finance ministry statement said that the e-way bill data
for the month of May 2021 shows that during the month, 3.99 crore e-way
bills were generated as compared to 5.88 crore in the month of April
2021, down by more than 30 per cent. However, with reduction in caseload
and easing of lockdowns, the e-way bills generated during June 2021 are
5.5 crore which indicates recovery of trade and business. The daily
average generation of e-way bills for the first two weeks of April 2021
was 20 lakh, which came down to 16 lakh in the last week of April 2021
and further to 12 lakh in the two weeks between 9th to 22nd May.
Thereafter,
the ministry said, the average generation of e-way bills has been
increasing and has again reached the 20 lakh level since the week
beginning 20th June. Therefore, it is expected that while the GST
revenues have dipped during the month of June, the revenues will see an
increase again from July 2021 onwards, the finance ministry said.
"While
the collections are lower than Rs 1 Trillion, which had become the norm
for the past few months, considering the fact that it relates to
transactions in May 2021 which was badly impacted by the pandemic, it
would be considered as a very satisfactory collection. These numbers
also reflect the economic resilience shown during the recent pandemic
phase," said MS Mani, Senior Director, Deloitte India.
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