The GST Collection in June 2021 is shocking and was expected figures at the same time. It is estimated that GST Collection in June 2021 has fallen significantly. Experts estimate that the reason is, of course, none other than lockdown due to Covid-19 Crisis. As we all know, most of India was under lockdown due to the second wave of CoronaVirus. Therefore businesses were shut down or were partly operating. This had an impact on GST collections too.
Therefore, in this article, we will read about GST Collection June 2021 Slips Below Rs 1 Lakh Crore.
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.
Significant Reasons for fall in GST Collection in June 2021
The GST collection has fallen below 1 lakh crore. It fell for the first time after eight months. The most probable reason for the same is lockdown and, consequently, fewer e-way bills generated.
During the first two weeks of April 2021, the government obtained a daily average of only 20 lakh e-way bills. Then 16 lakh in the last week of April 2021 and 12 lakh in the second week, between 9 and 22 May 2021.
More e-way bill generation expectation
Most of India is unlocking now. As a result, businesses are resuming. Since the week beginning on 20 June, the average creation of e-way invoices has increased again to 20 lakh. Therefore, GST revenues that were decreasing are projected to rise again from July 2021.
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