Tuesday, 19 October 2021

GST revenue collection 1.12 trillion in August

GST revenue collection 1.12 trillion in August

Comparing to the August 2019 revenues of Rs 98,202 crores, the Ministry said this is a growth of 14 percent.

The finance ministry said on Wednesday.

GST revenue remained above the 1 trillion Rs marks for the second straight month in August at over Rs 1.12 trillion, 30 percent higher than the collection from last year.

The finance ministry said in a statement.

"The gross GST revenue collected in a month of August these year 2021 is 1,12,020 Rs crore of which Central GST is 20,522 Rs crore , State GST is 26,605 Rs crores, Integrated GST is 56,247 Rs crores including Rs 26,884 crores collected from import of goods and Cess is Rs 8,646 crores includes 646 Rs crores collected from goods importing."

"The government has now settled 23,043 Rs crores to CGST and 19,139 Rs crores to SGST and from IGST as regular settlement. In addition, the Centre has also settled 24,000 Rs crores as an IGST ad-hoc settlement in a ratio of 50:50 between States/UTs and centers."

GST revenue collection of 1 12 trillion in August 1pixabay image

Read More: GST revenue collection touches 1 lac crore in July

The total revenue of Centre and States after regular and ad-hoc settlements in August 2021 is Rs 55,565 crores for CGST and Rs 57,744 eSGST," said the Ministry of Finance in a statement.

August 2021 are 30 percent higher than the GST revenues in the same month last year. In August 2020, the GST collection was 86,449 Rs crores.

During August, the revenues from domestic transactions, including import of services, were 27 percent higher than the sources during the same month last year.

The Ministry said

"GST collection, after posting above 1 lakh Rs crores mark for nine months in a row and dropped below 1 trillion Rs crores in June 2021 due to second wave of covid. With easing out of Covid restriction, GST collection for month of July and August 2021 have again crossed 1 trillion Rs, which indicates that the economy is recovering at a great pace. The robust GST revenues to continue in the upcoming months,"

The gross GST revenue collected in the month of August 2021 is ₹1,12,020 crore. The revenues for the month of August 2021 are 30% higher than the GST revenues in the same month last year. @FinMinIndia pic.twitter.com/WxW2ybfowG

— Prasar Bharati News Services पी.बी.एन.एस. (@PBNS_India) September 1, 2021

The Finance Ministry has now extended the last benefit date from the GST scheme, where taxpayers pay a lesser fee for late filing of monthly returns until 30 November.

Earlier, the last date for submitting GST returns with reduced late prices was 31 August.

Earlier in August, Nirmala Sitharaman, Union Finance Minister, had said that the GST collection for July 2021 has once again crossed 1 lakh Rs crores with easing out of COVID-19 restriction. She added it's an indication that the economy is recovering at a fast pace.

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