August GST collection at Rs1,12,020 crore as revenue streams steady
02 September 2021
Gross GST revenue collected by way of Goods and Services Tax (GST) in August 2021 stood at Rs1,12,020 crore, which is 30 per cent higher than the GST revenues in the same month last year,
August GST collection consisted of Rs20,522 crore of CGST, Rs26,605 crore of SGST, Rs56,247 crore of IGST (including Rs26,884 crore collected on import of goods) and Rs8,646 crore of cess (including Rs646 crore collected on import of goods).
The government has settled Rs23,043 crore towardsCGST and Rs19,139 crore towards SGST from IGST as regular settlement. In addition, the centre has also settled Rs24,000 crore as IGST ad-hoc settlement in the ratio of 50:50 between the centre and states/UTs.
The total revenue of the centre and the states after regular and ad-hoc settlements in August 2021 is Rs55,565 crore for CGST and Rs57,744 crore for SGST.
During the month, the revenues from domestic transaction (including import of services) are 27 per cent higher than the revenues from these sources during the same month last year. This is also 14 per cent higher compared to the August 2019-20 revenues of Rs98,202 crore.
GST collection, after posting above Rs1 lakh crore mark for nine months in a row, dropped below Rs1 lakh crore in June 2021 due to the second wave of pandemic caused by the Wuhan virus. With the easing out of the pandemic restrictions, GST collection for July and August 2021 have again crossed Rs1 lakh crore ark, 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.