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GST collections recover to Rs. 1.16 lakh crore in July

Context:

India’s gross GST revenues in July recovered sharply to more than Rs. 1.15 lakh crores after slipping below the ₹1 lakh crore mark for the first time in eight months in June 2021.

Relevance:

GS-III: Indian Economy (Growth and Development of Indian Economy, Fiscal Policy, Taxation)

Dimensions of the Article:

  1. About the recent trend in GST collection
  2. About GST and GST Council

About the recent trend in GST collection

  • With the easing out of COVID restrictions, GST collection for July 2021 has again crossed ₹1 lakh crore.
  • The government called the collections a sign of a rapid economic recovery from the second COVID-19 wave, though economists said they indicate an ‘incomplete’ rebound.
  • The July 2021 collections were 33% higher than July 2020, with GST collected on the import of goods rising 36% and domestic transactions (including import of services) growing by 32%.
  • There is a heartening sequential increase, as well as a substantial year-on-year growth, but GST collections remain well below the all-time high recorded in April 2021 (1.41 lakh crore Rs.).
  • While most States reported positive growth in tax collections compared to July 2020, there were significant variations — Odisha and Jharkhand reported a 54% uptick, followed by Haryana (53%) and Maharashtra at 51%, while Tamil Nadu and Gujarat clocked 36% growth.

Click Here to read about GST and GST Council

-Source: The Hindu

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September 2022
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