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June GST collections below Rs 1 lakh crore but Govt remains hopeful of recovery

The second wave of COVID-19 has hit GST collections hard. GST collections have declined below the Rs 1 Lakh Crore mark for the first time in 9 months. June GST collections stood at 92,849 cr but the government remains hopeful with daily infections declining, collections are set to pick up again after the blip.

The gross GST revenue collected in the month of June’ 2021 is ₹92,849 crore of which CGST is ₹16,424 crore, SGST is ₹20,397, IGST is ₹49,079 crore and Cess is ₹6,949 crore, the government statement said.

The revenues for the month of June 2021 are 2% higher than the GST revenues in the same month last year. Moreover, the government had given a slew of relief measures to the taxpayers in the form of waiver/reduction in interest on delayed return filing for 15 days for June’21 for the taxpayers with an aggregate turnover up to Rs. 5 crore

The second wave of Covid-19 that hit in early April- May resulted in either complete or partial lockdown in many states.

MS Mani, Senior Director, Deloitte India, said: “While the collections are lower than Rs 1 lakh crore, 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.”

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%. However, with reduction in caseload and easing of lockdowns, the e-way bills generated during June 2021 is 5.5 crore which indicates recovery of trade and business, the government said.

Experts say while the GST revenues have dipped during the month of June, the revenues will see an increase again from July 2021 onwards.

 

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