August GST collections at Rs.1.12 lakh crore : Govt

0 28,858

NewDelhi : India’s montly GST revenue slipped marginally to Rs. 1,12,020 crore in August 2021, from 1,16,393 crore in July 2021. However, the revenue is 30 percent higher than the GST revenues in the same month last year.

Out of the Rs. 1,12,020 crore, CGST is Rs. 20,522 crore, SGST is Rs. 26,605 crore, IGST is Rs. 56,247 crore (including Rs. 26,884 crore collected on import of goods) and Cess is Rs. 8,646 crore (including Rs. 646 crore collected on import of goods), a finance ministry release said.

The government has settled Rs. 23,043 crore to CGST and Rs. 19,139 crore to SGST from IGST as regular settlement. In addition, Centre has also settled Rs. 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 Rs. 55,565 crore for CGST and Rs. 57,744 crore for the SGST.

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. 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.

Leave A Reply

Your email address will not be published.