Goods and services tax (GST) collections rose 30 percent year-on-year 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 small decrease of 3.44 percent.
In August, the government settled Rs 23,043 crore to CGST and Rs 19,139 crore to SGST from IGST as regular settlement. In addition, Center has also settled Rs 24,000 crore as IGST ad-hoc settlement in a 50:50 center-to-state ratio.
Revenues for the month of August 2021 are 30 percent higher than GST revenues for the same month last year. During the month, revenues from domestic transactions (including imports of services) are 27 percent higher than revenues from these sources in the same month last year. Even compared to the August 2019-20 revenue of Rs 98,202 crore, it is a 14 percent growth, the Ministry of Finance said.
August was the ninth straight month in which GST collections were above Rs 1 lakh crore mark. GST collections had fallen below Rs 1 lakh crore in June 2021 due to the second wave of Covid-19.
“With the easing of the COVID restrictions, the GST collection for July and August 2021 has again exceeded Rs1 lakh crore, clearly indicating that the economy is recovering at a rapid pace. Coupled with economic growth, anti-circumvention activities, especially Action against fake invoices has also contributed to improved GST collections, and robust GST earnings are likely to continue in the coming months,” added the Treasury Department.