Goods and Services Tax (GST) collections jumped 30 per cent on a year-on-year foundation to Rs 1.12 lakh crore in August. Central GST got here in at Rs 20,522 crore, State GST got here in at Rs 26,605 crore and Integrated GST was Rs 56,247 crore. On a month-to-month foundation, GST collections registered a minor dip of three.44 per cent.
In August authorities settled Rs 23,043 crore to CGST and Rs 19,139 crore to SGST from IGST as common settlement. In addition, Centre has additionally settled Rs 24,000 crore as IGST ad-hoc settlement within the ratio of fifty:50 between centre and state.
The revenues for the month of August 2021 are 30 per cent increased than the GST revenues in the identical month final 12 months. During the month, the revenues from home transaction (together with import of providers) are 27 per cent increased than the revenues from these sources throughout the identical month final 12 months. Even as in comparison with the August revenues in 2019-20 of Rs 98,202 crore, this can be a development of 14 per cent, Finance Ministry mentioned.
August marked the ninth month in a row whereby GST collections had been above Rs 1 lakh crore mark. GST collections had dropped beneath Rs 1 lakh crore in June 2021 because of the second wave of Covid-19.
“With the easing out of COVID restrictions, GST collection for July and August 2021 have again crossed R s1 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,” Finance Ministry added.