BY BW CFO World Online Bureau
The government collected about Rs 1,12,000 crores in GST revenue in August, 30% higher than it was last year.
The Goods and Services Tax (GST) collected in the month of August was Rs 1,12,000 crores, which was 30% up than what was collected same time last year as reported by the Union Ministry. The Finance Ministry reported that the revenues from domestic transactions (including imports from services) were 27% higher than what was last year during the same time.
Out of the total revenue, Central Goods and Services Tax (CGST) was Rs 20,522 crores, State Goods and Services Tax (SGST) was Rs 26,605 crores, Integrated Goods and Services Tax was Rs 56,247 crores (including Rs 26,884 crores collected on imports) and cess was Rs 8,646 (including Rs 646 crore collected on imports).
The GST collection dropped below Rs 1 Lakh in June 2021 due to the second wave after a 9-month long collection exceeding 1 lakh crores. With the passage of time and the economic activities resuming, GST collection crossed the 1 Lakh mark indicating a strong comeback. Looking at the current scenarios it is predicted that the collections are set to increase in the coming months as even actions against fake billers are contributing to GST collection.
The government had adjusted Rs 23,043 crore to CGST and Rs 19,139 crore to SGST from IGST as a regular statement. The centre has also settled Rs 24,000 crore as IGST ad-hoc settlement in the ratio 50:50 between states and centre. The total revenue of the 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 SGST.