India GST
India's August GST collection rises 30 pc YoY to Rs 1.12 lakh cr on economic recovery
New Delhi/UNI: Gross GST collection in the month of August 2021 rose 30 per year year-on-year to Rs 1.12 lakh crore reflecting fast economic recovery.
The August GST collection is, however, lower than July when the total mop-up stood at Rs 1.16 lakh crore.
"The dip in the GST collections to Rs 1.12 lakh crore in August 2021 from Rs 1.16 lakh crore in July 2021 has belied the healthy improvement in the GST e way bills to a daily average of 2.1 million in July 2021 from 1.8 million in June 2021, which was reflective of the lifting of restrictions especially across the Southern states," said Aditi Nayar, Chief Economist, ICRA.
"Nevertheless, the GST collections remain healthy at well above Rs 1.0 lakh crore, the YoY growth is as high as 30 per cent and the ad hoc settlement of unapportioned IGST will also help to ease the cash flows of the Centre and the states," she further said.
After posting above Rs 1 lakh crore mark for nine months in a row, GST had dropped below Rs 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.
"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 Finance Ministry in an official release.
As per the official data, 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 Rs 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," noted the Finance Ministry.
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