New Delhi, Sept 1 ( KINS ) : The gross Goods and Services Tax (GST) revenue collections jumped 30 per cent on a year-on-year basis to Rs 1.12 lakh crore in August, said the Ministry of Finance on Wednesday.
According to an official release, during the period, the revenues from domestic transactions (including import of services) are also 27 per cent higher.
“The gross GST revenue collected in the month of August 2021 is Rs 1,12,020 crore of which central goods and services tax (CGST) is Rs 20,522 crore, state goods and service tax (SGST) is Rs 26,605 crore, integrated goods and services tax (IGST) 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.
Notably, the government has settled Rs 23,043 crore to CGST and Rs 19,139 crore to SGST from IGST as regular settlement. In addition, the Centre has also settled Rs 24,000 crore as IGST ad-hoc settlement in the ratio of 50:50 between Centre and States/UTs.
“The total revenue of Centre and the States after regular and ad-hoc settlements in the month of August 2021 is Rs 55,565 crore for CGST and Rs 57,744 crore for the SGST,” said the release.
“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 the domestic transactions (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,” it added.
GST collection, after posting above Rs. 1 lakh crore mark for nine months in a row, dropped below R 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”, the Ministry said.
“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 release added.