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GST revenue crosses Rs 1 lakh crore in August

Mumbai: Data released by the Union Ministry of Finance revealed that the revenue from Goods and Service Tax (GST) has crossed Rs 1 lakh crore in August. The collection is 30% higher than the GST collection in August last year. In August 2020, the GST revenue was Rs 86,449 crore.

‘The gross GST revenue collected in the month of August 2021 is Rs 1,12,020 crore of which Central GST is Rs 20,522 crore, State GST is Rs 26,605 crore, Integrated GST is 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)’, the finance ministry said in a statement.

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‘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 statement reads.

‘GST collection, after posting above Rs 1 lakh crore mark for nine months in a row, dropped below Rs 1 trillion 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 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. The robust GST revenues are likely to continue in the coming months too’, said the ministry.

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