August GST collections come in at Rs 1.12 lakh crore

This is the second consecutive month that GST collections are above the Rs 1 lakh crore mark, indicating that economic recovery post the second wave of Covid-19 is well underway.

 ARUP ROYCHOUDHURY

SEPTEMBER 01, 2021 / 01:51 PM IST

Goods and Service Tax collection for the month of August 2021 came in at Rs 1.12 lakh crore, compared with Rs 1.16 lakh crore in July, data released by the Finance Ministry show on September 1.

This is the second consecutive month that GST collections are above the Rs 1 lakh crore mark, indicating that economic recovery post the second wave of the Covid-19 is well underway.

GST collections had been consistently well above the Rs 1 lakh crore mark from October 2020 to May 2021. However, it slipped to Rs 92,849 crore in June, reflecting the economic disruption caused by the second wave.

"With the easing out of COVID restrictions, GST collection for July and August 2021 have again crossed Rs 1 lakh crore, which clearly indicates that the economy is recovering at a fast pace," the Ministry said in a statement.

Out of the gross GST collections for August, Central GST was Rs 20,522 crore, State GST was Rs 26,605 crore, Integrated GST was Rs 56,247 crore and Cess was Rs 8,646 crore.

The revenues for the month of August 2021 were 30 percent higher than the GST revenues in the same month last year, the Finance Ministry said.

"During the month, the revenues from domestic transaction (including import of services) were 27 percent higher than the revenues from these sources during the same month last year. Even as compared to the August 2019-20 GST revenue of Rs 98,202 crore, this is a growth of 14 percent," it said.