GST Collections for August 2021 – India

GST Collections for August 2021

The total GST revenue collected in August 2021 is INR 1,12,020 crore of which CGST is
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 Rs 8,646 crore (including Rs 646 crore collected when importing goods).

The government settled ₹23,043 crore to CGST and ₹19,139 crore to SGST from IGST as a regular settlement. In addition, the Center has also settled ₹24,000 crore as a provision for IGST in a 50:50 ratio between the Center and the states/UTs. The total revenue of the Center and States after normal and allotted adjustments in August 2021 is ₹55,565 crore for CGST and ₹57,744 crore for SGST.

Revenue for August 2021 is 30% higher than GST revenue in the same month last year
. During the month, revenue from domestic transactions (including importing services) was 27% higher than revenue from these sources during the same month last year. Even when compared to August revenue in 2019-20 of INR98,202 crore, this is 14% growth. GST collection, after posting above Rs. 1 lakh crore mark for nine consecutive months, fell less than Rs. 1 lakh crore in June 2021 due to the second wave of Covid.

With the easing of COVID restrictions, GST collection for July and August 2021 again exceeded ₹1 crore, clearly indicating that the economy is recovering at a fast pace.
Besides economic growth, anti-evasion activities, particularly actions against counterfeit billers, have contributed to improved GST packages. Strong GST returns are likely to continue in the coming months as well.

Source link