Government collected Rs 1.12 lakh crore in
GST for the month of August slightly below the July collection of Rs 1.16 lakh crore. The revenue was 30% higher than the same period last year.
Total CGST collected is Rs 20,522 crore, SGST Rs 26,605 crore, IGST Rs 56,247 crore (including Rs 26,884 crore collected on import of goods) and Cess is Rs 8,646 crore (including Rs 646 crore collected on import of goods).
GST revenue for two consecutive months of July and August has been above the Rs 1 alkh crore level signalling that the economy has left behind the sluggishness due to the localised lockdowns imposed to conatin second wave of the virus.
"The government has 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," the release said.
GST collection, after posting above Rs. 1 lakh crore mark for nine months in a row had dropped below Rs. 1 lakh crore in June 2021 due to the second wave of covid. The robust GST collection is expected to continue on the back of improving economic and business sentiment.
Source:economictimes.com