Goods and Services Tax (GST) collections jumped 30 per cent on a year-on-year basis to Rs 1.12 lakh crore in August. Central GST came in at Rs 20,522 crore, State GST came in at Rs 26,605 crore and Integrated GST was Rs 56,247 crore. On a monthly basis, GST collections registered a minor dip of 3.44 per cent.
In August government settled Rs 23,043 crore to CGST and Rs 19,139 crore to SGST from IGST as regular settlement. In addition, Centre has also settled Rs 24,000 crore as IGST ad-hoc settlement in the ratio of 50:50 between centre and state.
The revenues for the month of August 2021 are 30 per cent higher than the GST revenues in the same month last year. 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. Even as compared to the August revenues in 2019-20 of Rs 98,202 crore, this is a growth of 14 per cent, Finance Ministry said.
August marked the ninth month in a row wherein GST collections were above Rs 1 lakh crore mark. GST collections had dropped below Rs 1 lakh crore in June 2021 due to the second wave of Covid-19.
"With the easing out of COVID restrictions, GST collection for July and August 2021 have again crossed R s1 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," Finance Ministry added.