August GST mop-up moderates at Rs 1.12 L cr

Collection drops from July but climbs 30% against year-ago period; e-way bills 17.4% higher in July versus June 

NEW DELHI:  Goods and Services Tax (GST) collection for the August stood at Rs 1,12,012 crore, moderating marginally, despite the daily e-way bill generation in July posting a 17% growth from June, official data showed on Wednesday.

According to data from goods and services tax network (GSTN), e-way bills clocked 17.4% higher in July versus June when 54.6 million were issued. The GST mop-up was Rs 1,16,393 crore in July. The finance ministry said, the collection in August is 30% higher than the levels in the corresponding month last year and up 14% over 2019-20, a year before the pandemic.

With the easing out of Covid restrictions, GST collection for July and August 2021 have again crossed Rs 1 trillion, which clearly indicates that the economy is recovering at a fast pace. Coupled with economic growth, anti-evasion activities, especially action against fake billers have also been contributing to the enhanced GST collections,” said the ministry. The robust GST revenues are likely to continue in the coming months too, it added.

Of the total collection, the government settled Rs 23,043 crore to CGST and Rs 19,139 crore to SGST from IGST as regular settlement.  In addition, Centre has also settled Rs 24,000 crore as IGST ad-hoc settlement in the ratio of 50:50 between Centre and states/UTs. The total revenue of 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 the SGST.

Despite lockdown and the second wave, GST collection remained above Rs 1 lakh crore-mark for nine months in a row, dropped below Rs 1 lakh crore only in June 2021, when most of the states had imposed strict lockdown. However, GST collections for July and August 2021 have again crossed Rs 1 lakh crore. The government expects the momentum to continue even in the coming months. “Coupled with economic growth, anti-evasion activities, especially action against fake billers, have also been contributing to the enhanced GST collections,” the ministry said.

I55,565 crore Revenue for CGST after regular and ad-hoc settlements in August

I57,744 crore Total revenue for SGST

Related Stories

No stories found.
The New Indian Express
www.newindianexpress.com