Govt collect over ₹1,12,000 crores GST in August
- The finance ministry, led by Nirmala Sitharaman, also stated that the revenues from domestic transactions (including import of services) were 27% higher in August than the revenues from these sources during the same month last year.
The Union Finance Ministry on Wednesday said that the gross Good and Services Tax (GST) revenue collected in August has been ₹1,12,020 crores, 30% higher than those generated in the same month last year.
The finance ministry, led by Nirmala Sitharaman, also stated that the revenues from domestic transactions (including import of services) were 27% higher in August than the revenues from these sources during the same month last year.
Out of the total revenue, "Central Goods and Services Tax (CGST) is ₹20,522 crores, State Goods and Service Tax (SGST) is ₹26,605 crores, The Integrated Goods and Services Tax Act (IGST) is ₹56,247 crores (including ₹26,884 crores collected on imports) and cess is ₹8,646 crores (including ₹646 crore collected on imports)," the finance ministry also said in the release.
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-19. With economic activities now reopening gradually, GST collection crossed ₹1 lakh crore, indicating a strong recovery. In August as well it was above ₹1 lakh crore-mark.
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, the finance ministry also said in the release.
"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 also said in its monthly release.