In June 2021, the GST Collection is startling and data were expected at the same time. The GST Collection is anticipated to have decreased substantially in June 2021. Experts think that the reason for the crises is Covid-19 and of course lock-down. As we all know, the second wave of CoronaVirus caused much of India to be locked. Thus, companies were shut down or operated partially. This also affected the collecting of GST. |
In this post, we shall thus examine Drifts Below Rs 1 Lakh Crore of the GST collection in June 2021.
GST Collection June 2021 Slips Below Rs 1 Lakh Crore The Net Goods and Services tax collection for June was at Rs. 92,849 for the first time since September 2020, falling below for the first time the 1 lakh crore mark in eight months.
Of the entire GST collections, CGST holds ?16,424 crores. On the other hand, SGST holds ? 20,397. Similarly, IGST collection is ?49,079 crore (including ?25,762 crores collected on import of goods), and Cess is ?6,949 crore (including ?809 crores collected on import of goods), the Ministry of Finance announced in a report.
The figure as earlier contains the GST collection from domestic transactions between 5 June and 5 July 2020. It is important to note that the government provided the taxpayers with several relief measures in the form of a waiver/reduction in interest on the GST return filing. These relaxations were on delayed payments for 15 days of the GST returning filing month of June 2021.
Reasons for GST Collection in June 2021 falling GST has dropped to one below one lakh crore. After eight months, it dropped for the first time. The most likely cause for this is the nationwide lockdown and hence the generation of fewer e-way bills.
The Government received a daily average of just 20 lakh E-Way invoices during the first two weeks of April 2021. Then 16 lakh in April 2021 final week and 12 lakh in week two, from May 9 through 22, 2021. However, it is expected GST Collection will start rising again from July’s starting.
To know more about GST Collection in June 2021
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