GST revenue for the month of August stood at Rs 1.12 trillion, 30% higher than in the same month last year, the finance ministry said on Wednesday.
Goods and Services Tax (GST) collection in July 2021 stood at Rs 1.16 trillion.
“The gross GST revenue collected in the month of August 2021 is Rs 1,12,020 crore of which CGST is Rs 20,522 crore, SGST is Rs 26,605 crore, IGST is Rs 56,247 crore (including Rs 26,884 crore collected on import of goods) and cess is ₹ 8,646 crore (including Rs 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/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 Ministry of Finance in a statement.
During the month, the revenues from domestic transaction (including import of services) are 27% 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%, the ministry added.
“GST collection, after posting above Rs 1 lakh crore mark for nine months in a row, dropped below Rs 1 trillion in June 2021 due to the second wave of covid. With the easing out of Covid restrictions, GST collrction for July and August 2021 have again crossed Rs 1 trillion, 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,” said the ministry.
The Ministry of Finance has recently extended the last date for availing the GST amnesty scheme where taxpayers pay a reduced fee for late filing of monthly returns, till November 30, 2021. Previously, the last date for submitting GST returns with reduced late fees was August 31.
In early August, Union Finance Minister Nirmala Sitharaman had said that the Goods and Services Tax (GST) collection for July 2021 has again crossed Rs 1 lakh crore with easing out of COVID-19 restrictions. She added it indicates that the economy is recovering at a fast pace. This statement was made by the Minister on 1 August. Sitharaman tweeted, “With the easing out of COVID restrictions, GST collection for July 2021 has again crossed Rs one lakh crore, which clearly indicates that the economy is recovering at a fast pace. The robust GST revenues are likely to continue in the coming months too.” ( Business Line )