In June of 2021, the quantity of goods and services tax collected is shocking, and statistics were anticipated at the same time. In the month of June 2021, it is projected that the amount of GST collected would have significantly dropped. Covid-19 and, of course, lockdown are the two factors that experts believe are responsible for the crisis. We are all aware that the second wave of the coronavirus forced a significant portion of India to be quarantined. As a result, businesses were either completely shut down or just partly operational. Additionally, this had an impact on the collection of GST. The drifts of the GST collection in June 2021 that are less than one lakh crore rupees will be the subject of our examination in this piece. the amount of GST collected in June 2021 is less than one lakh billion rupees For the first time in eight months, the net amount of goods and services tax collected for the month of June was 92,849 thousand rupees. This was the first time since September 2020 that the amount had fallen below the 1 lakh crore threshold. Cgst is responsible for 16,424 crores of the total sales tax revenue collected. The SGT, on the other hand, retains a total of 20,397. Similarly, the amount of igst collected is 49,079 crore, which includes the amount of?25,762 crores collected on the import of goods. The amount of cess collected is 6,949 crore, which also includes the amount of?809 crores collected on the import of goods, as stated in a report by the Ministry of Finance. As was mentioned before, the amount includes the GST collection on domestic transactions that took place between June 5 and July 5 of the year 2020. It is essential to take notice of the fact that the government offered a number of relief measures to taxpayers, one of which was a reduction or waiver of interest on the submission of the GST return. These exemptions were granted for delayed payments for a period of fifteen days during the month of June 2021 with regard to the GST return filing. There are a number of reasons why the Goods and Services Tax (GST) collection in June 2021 has decreased to less than one lakh crore. Following a period of eight months, it saw its first decline. Because of the countrywide shutdown, there are fewer electronic way bills being generated, which is the most plausible explanation for this phenomenon. Over the course of the first two weeks of April 2021, the government received an average of just 20 lakh electronic way invoices each and every day. After that, 16 lakh during the last week of April 2021, and 12 lakh during the second week of May 2021, which runs from May 9 through May 22. On the other hand, it is anticipated that the collection of GST will begin to increase once again beginning in July. For more information on the Goods and Services Tax (GST) collection in June 2021, as well as for any other advise concerning the GST registration process, please do not hesitate to contact our business advisors.
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