GST Collection: Revenue collection crossed 1 lakh crore for the second consecutive month, how good are these figures?
There is good news on the GST collection front. After July this year, even in August, the GST revenue collection has been more than 1 lakh crore. The Finance Ministry said on Wednesday that the Goods and Services Tax (GST) collection in August has been more than Rs 1.12 lakh crore. The amount raised in August, however, is less than Rs 1.16 lakh crore in July 2021. The year on year figure i.e. this is 30 percent more than the figure of GST collection in the same period last year. The GST collection in August 2020 was Rs 86,449 crore.
The Finance Ministry said in a tweet that it shows the GST collection crossing 1 lakh crore in July-August that the economy is recovering at a fast pace.
With the easing out of COVID restrictions, GST collection for July and August 2021 have again crossed ₹1 lakh crore, which clearly indicates that the economy is recovering at a fast pace.
— Ministry of Finance (@FinMinIndia) September 1, 2021
According to government data, the GST revenue collection in August, 2021 has been ₹1,12,020 crore. Out of this, 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 will give CGST of 23,043 crores from IGST and SGST of 19,139 crores to the states. The Center has done ad-hoc settlement of 24,000 in the ratio of 50:50.
How much has increased?
The Finance Ministry says that in August 2021, the collection is 30 percent more than this period of last year. On the other hand, if we look at the revenue in domestic transactions, it is 27 percent more than the revenue received from this source last year. If we look at the collection of 98,202 crores in August of 2019-20, even then it is 14 percent more.
Let us inform that after nine consecutive months of GST collection being above one lakh crore rupees, the collection came down to one lakh crore rupees in June 2021 due to the second wave of Kovid. The Finance Ministry said that strong GST revenue is likely to continue in the coming months as well.