Insta
GST Revenue Collection For August 2021 At Over Rs 1.12 Lakh Crore
GST collections
The goods and services tax (GST) revenue collections for August 2021 stood at Rs 1.12 lakh crore, crossing the crucial psychological mark for the second month in a row as economic activity has picked up pace post the second wave of pandemic.
As per the 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).
Though the GST revenues during August 2021 are a tad lower than the over Rs 1.16 lakh crore collections recorded in the previous month, it had maintained pace after the fall witnessed in June when collections fell to Rs 92,849 crore after a record high of Rs 1.41 lakh crore collection made in April and another over Rs 1 lakh collection in May.
The ministry statement stated, "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. 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."
Most tax experts feel that with the economy on path of recovery and GDP growth in Q1 FY22 also reaching a high of 20.1 per cent, GST collections are expected to maintain momentum through the fiscal reducing the requirement of venture to borrow more to meet the compensation needs on account tax collection shortfall to states.
"The revenues for the month of August 2021 are 30 per cent higher than the GST revenues in the same month last year," a finance ministry statement said.
With IANS Inputs
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
