GST Collections Increase 30% To ₹ 1.12 Lakh Crore In August
In August, the government invested Rs 23,043 crore in CGST and Rs 19,139 crore from IGST to SGST for regular settlement.
The August Goods and Services Tax (GST) collection increased by 30% year-on-year to 1.12 crore. The central GST reached 20522 million, the state GST reached 26605 million, and the comprehensive GST reached 56,247 million. On a monthly basis, GST’s revenue declined slightly by 3.44%.
The August Goods and Services Tax (GST) collection increased by 30% year-on-year to 1.12 crore. The central GST reached 20522 million, the state GST reached 26605 million, and the comprehensive GST reached 56,247 million. On a monthly basis, GST’s revenue declined slightly by 3.44%.
Revenue in August 2021 is 30% higher than GST revenue in the same month last year. In the current month, revenue from internal transactions (including service imports) was 27% higher than revenue from these sources in the same month last year. The Ministry of Finance stated that even when compared with the revenue of 98,202 crore in August 2019-20, it was an increase of 14%.
August was the ninth consecutive month that consumption tax revenue exceeded the one billion rupees mark. Due to the second wave of Covid-19, the collection of goods and services tax in June 2021 has fallen below Rs 1 billion.
“With the removal of COVID restrictions, the GST collection in July and August 2021 once again exceeded Rs 1 billion, which clearly shows that the economy is recovering rapidly. As the economy grows, anti-tax evasion activities, especially actions to combat fake bills, are also helpful. To improve the collection of goods and services tax. The strong revenue from the goods and services tax may also continue in the coming months,” the Ministry of Finance added.
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