Policy

GST mop-up in Aug crosses ₹1.12-lakh crore

Our Bureau New Delhi | Updated on September 01, 2021

Collections lower than the figure recorded in July

 

The Goods & Services Tax (GST) collections in the month of August 2021 remained above the pshycological level of ₹1 lakh crore, at ₹1.12 lakh crore, but was lower than the ₹1.16 lakh crore collected in July. It was higher than the August 2020 collections of ₹86,449 crore.

During the month, revenues from domestic transaction (including import of services) stood 27 per cent higher than the same month last year. Compared with August 2019 revenues of ₹98,202 crore, this is a growth of 14 per cent, the Finance Ministry said.

GST collection, after staying above the ₹1 lakh crore-mark for nine months in a row, dropped below ₹1 lakh crore in June this year due to the second wave of Covid-19. “With the easing out of Covid restrictions, GST collections for July and August 2021 have again crossed ₹1 lakh crore, which clearly indicates that the economy is recovering at a fast pace,” the Ministry said.

The gross GST revenue collected in the month of August 2021 is ₹1,12,020 crore of which Central GST is ₹20,522 crore, State GST is ₹26,605 crore, Integrated GST is ₹56,247 crore (including ₹26,884 crore collected on import of goods) and Cess is ₹8,646 crore (including ₹ 646 crore collected on import of goods).

 

Robust collections expected

Further, the Ministry added that coupled with economic growth, anti-evasion activities, especially action against fake billers, have also been contributing to the enhanced GST collections. The Ministry expects robust GST revenues to continue in the coming months too.

Commenting on the latest number, MS Mani, Senior Director with Deloitte India said that GST collections are impressive as they have been above the ₹1 lakh crore-mark for several months in succession. “Most of the key manufacturing States have shown an increase of 25-35 per cent in collections compared to the same period last year, indicating that the economic recovery may be faster in the current year,” he said

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Published on September 01, 2021

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