The Ministry of Finance on Wednesday stated that it has collected a complete of Rs. 1,12,020 crore Goods and Services Tax (GST). 

The Central Goods and Services Tax (CGST) is Rs 20,522 crore, State Goods and Services Tax (SGST) is Rs. 26,605 crore, Integrated Goods and Services Tax (IGST) is Rs. 56,247 crore (together with  Rs. 26,884 crore collected on import of products) and Cess is Rs. 8,646 crore (together with Rs. 646 crore collected on import of products), knowledgeable the Ministry in an official assertion. 

According to the ministry, “The government has settled Rs. 23,043 crore to CGST and Rs. 19,139 crore to SGST from IGST as regular settlements. In addition, the 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 the 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.”

Talking concerning the income from home transactions which incorporates import of providers in August this 12 months, it’s 30 per cent additional as in comparison with income of the identical month in 2020. Even as in comparison with the August revenues in 2019-20 of  Rs. 98,202 crore, it is a development of 14 per cent.

“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 Rs. 1 lakh crore, 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,” knowledgeable the ministry.