The goods and services tax (GST) revenue collections for August 2021 stood at ₹1.12 lakh crore, crossing the crucial mark for the second month in a row. The collections stood at ₹1.16 lakh crore in July and ₹92,849 crore in June. The robust GST revenues are likely to continue in the coming months too, Ministry of Finance said on Wednesday.
GST collection, after posting above ₹1 lakh crore mark for nine months in a row, dropped below ₹1 lakh crore in June 2021 due to the second wave of covid. “With the easing out of COVID restrictions, GST collection for July and August 2021 have again crossed ₹1 lakh crore, which clearly indicates that the economy is recovering at a fast pace. Coupled with economic growth, anti-evasion activities, especially action against fake billers have also been contributing to the enhanced GST collections,” the ministry said.
The revenues for the month of August 2021 are 30% higher than the GST revenues in the same month last year. During the month, the revenues from domestic transaction (including import of services) are 27% higher than the revenues from these sources during the same month last year. Even as compared to the August revenues in 2019-20 of ₹98,202 crore, this is a growth of 14%.
Out of the gross GST revenue, CGST is ₹20,522 crore, SGST is ₹26,605 crore, IGST is ₹56,247 crore (including ₹26,884 crore collected on import of goods) and Cess is ₹8,646 crore (including ₹646 crore collected on import of goods).
The government has settled ₹23,043 crore to CGST and ₹19,139 crore to SGST from IGST as regular settlement. In addition, Centre has also settled ₹24,000 crore as IGST ad-hoc settlement in the ratio of 50:50 between Centre and States/UTs, the ministry added. The total revenue of Centre and the States after regular and ad-hoc settlements in the month of August’ 2021 is ₹55,565 crore for CGST and ₹57,744 crore for the SGST.