GST collection in August above Rs 1.12 lakh crore: Finance Ministry

Goods and Services Tax (GST) collection in August was above Rs 1 lakh crore mark once again. GST collections came in at Rs 1,12,020 crore in August, up 30% from the year-ago period, according to the data released by the Ministry of Finance.

This is the second second straight month when GST revenue remained above Rs 1 lakh crore. 

“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 Ministry said in a statement.

The mop up in August is, however, lower than Rs 1.16 lakh crore collected in July 2021. The revenues for the month of August 2021 are 30 per cent higher than the GST revenues in the same month last year. In August 2020, Goods and Services Tax (GST) collection was Rs 86,449 crore.

Compared to the August 2019 revenues of Rs 98,202 crore, this is a growth of 14 per cent, the Ministry said. During August this year, the revenues from domestic transactions (including import of services) were 27 per cent higher than the revenues from these sources during the same month last year.

The GST collection, after posting above Rs 1 lakh crore mark for nine months in a row, dropped below Rs 1 lakh crore in June 2021 due to the second wave of COVID.

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.

“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 said.

Latest Business News