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Second time in a row: GST collection remains above Rs 1 lakh crore in August

Second time in a row: GST collection remains above Rs 1 lakh crore in August


NEW DELHI: India’s Goods and Services Tax (GST) revenue remained above Rs 1 lakh crore for the second straight month in August at over Rs 1.12 lakh crore, 30 per cent higher than the collection in the year-ago period.
“The gross GST revenue collected in the month of August 2021 is Rs 1,12,020 crore of which Central GST is Rs 20,522 crore, State GST is Rs 26,605 crore, Integrated GST 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),” the finance ministry said in a statement.
However, the collection is lower than Rs 1.16 lakh crore collected in July 2021. While in August 2020, GST collection was at Rs 86,449 crore.

After remaining above Rs 1 lakh crore mark for nine months in a row, GST collections had dropped below in June due to the second wave of covid.
However, with the easing out of restrictions the collections improved for the month of July and August 2021 and stayed above the Rs 1 lakh crore mark.
“This 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 finance ministry statement added.
During the period under consideration, the revenues from domestic transactions (including import of services) were also 27 per cent higher than the revenues from these sources during the same month last year.
The Centre now expects this robust trend in GST collections to continue in the coming months as well.




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Written by Newz Hawker

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