GST Revenue: Rs 1.12 lakh crore collected in August, 30% higher than same month in 2020
The finance ministry said that with the easing out of Covid restrictions, GST collection for July and August 2021 have again crossed Rs 1 lakh crore.
The gross GST revenue collected in August 2021 is Rs 1,12,020 crore, 30% higher than the same month last year. This indicates that the economy is in a recovery mode. Out of the total collection, 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).
✅₹ 1,12,020 crore of gross GST revenue collected in August ✅The revenues for the month of August 2021 are 30% higher than the GST revenues in the same month last year Read more➡️ https://t.co/PhAmAaWiNu (1/2) pic.twitter.com/bqEz7xLfBO
— Ministry of Finance (@FinMinIndia) September 1, 2021
30% higher revenue
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.
The government has settled Rs 23,043 crore to CGST and Rs 19,139 crore to SGST from IGST as regular settlement.
The 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 revenues for the month of August 2021 are 30% higher than the GST revenues in the same month last year.
The revenues from the domestic transactions (including import of services) during the month, 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 Rs 98,202 crore, this is a growth of 14%.
After posting above Rs. 1 lakh crore mark for nine months in a row, the GST collection dropped below Rs. 1 lakh crore in June 2021 due to the second wave of covid.
The finance ministry said that with the easing out of Covid restrictions, GST collection for July and August 2021 have again crossed Rs 1 lakh crore, which clearly indicates that the economy is recovering at a fast pace.
With economic growth, anti-evasion activities, especially action against fake billers the country is witnessing enhanced GST collections. This upward trend is likely to continue in the coming months too.
Monthly GST Collection in 2021 (till August)
(With inputs from Press Information Bureau)
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