GST collection crosses Rs 1 lakh cr in August

at 3:47 pm

New Delhi: The GST revenue collection has exceeded Rs 1 lakh crore for the second consecutive month in August, the collection is 30% higher as compared to the same month in last year, the Ministry of Finance said today.

The gross GST revenue collected in the month of August 2021 is ₹ 1,12,020 crore of which 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 Ministry said in a statement.

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 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, 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%, it said.

GST collection, after posting above Rs. 1 lakh crore mark for nine months in a row, dropped below Rs. 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, the Finance Ministry said.

Coupled with economic growth, anti-evasion activities, especially action against fake billers have also been contributing to the enhanced GST collections. The robust GST revenues are likely to continue in the coming months too, it said.