New Delhi: In a clear sign of the economy coming out of the adverse impact of a ferocious second Covid wave, the Goods and Service Tax collection in the month of August has once again topped the mark of Rs 1.1 lakh crore. It is 30% more than the GST collection during the same month last year. The GST collection in the month of August is also better than the collection during the same month two years back when the Covid-19 global pandemic had not hit the world.
The gross GST revenue collected in August 2021 was Rs 1,12,020 crore of which Central GST (CGST) is Rs 20,522 crore, State GST (SGST) is Rs 26,605 crore, and Integrated GST (IGST), which is divided equally between the Centre and States was Rs 56,247 crore.
The IGST amount also includes Rs 26,884 crore GST collected on import of goods, and cess amount of Rs 8,646 crore (including ₹ 646 crore collected on import of goods). “The government has 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 States and UTs,” said the ministry of finance.
The total revenue of Centre and the States after regular and ad-hoc settlements in the month of August 2021 stands at Rs Rs 55,565 crore for CGST and Rs 57,744 crore for the SGST.
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In August, the revenue from domestic transactions (including import of services) is 27% higher than the revenues from these sources during the same month last year. GST collection in August 2021 is 30% higher than GST collection in August 2020 and 14% higher than GST collection during August 2019.
Due to a series of anti-tax evasion measures taken since November 2020, the GST collection has been more than Rs 1 lakh crore for nine months in a row before dropping to below Rs 1 lakh crore in the month of June this year.
“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,” said the government. The government said the higher GST collection was a result of economic growth and anti-tax evasion measures.
“Anti-tax evasion measures, especially the action against the fake billers have also been contributing to the enhanced GST collections. The robust GST revenues are likely to continue in the coming months too,” said the government.
