As per a recent report, a total of ₹ 1,12,020 crores has been collected in August 2021 as Gross GST Revenue collection. In this ₹ 1,12,020 Crore ₹, 20,522 crores are collected as for CGST, ₹ 26,605 crores for SGST, ₹ 56,247 crores (including ₹ 26,884 crores on import of goods) is for IGST and ₹ 8,646 crores (including ₹ 646 crores on import of goods) are collected as Cess.
The Central government allocated ₹ 23,043 crores to CGST and ₹ 19,139 crores to SGST from IGST as regular settlement. Additionally, the government has also allocated ₹ 24,000 crores for IGST ad-hoc in the 50:50 ratio between Centre and States/UTs.
After regular and ad hoc settlement, the total revenue of the Center and the States for the month of August 2021 is ₹55,565 crores for CGST and ₹57,744 crores for SGST.
These data show that the GST collection for August 2021 is 30% higher than the GST revenues in the same month last year. It is 14% higher than August 2019-20 of ₹ 98,202 crores. Revenue from domestic transactions (including import of services) is 27% higher than revenue from these sources during the corresponding month of the previous year.
“GST collection, after posting above Rs. 1 lakh crore mark for nine months in a row, dropped below Rs. 1 lakh crore in June 2021 due to the second wave of covid. 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.”
GST collection was above ₹1 lakh crore figure for nine consecutive months, reported a dip in June 2021 when the second wave of covid-19 hit our country. Then again the GST collection crossed the ₹1 lakh crore mark in July and August 2021. These stats clearly show that the economy is recovering at a rapid pace.
