The government collected ₹ 1.12 lakh cr as Goods and Services Tax (GST) for the month of August 2021. This is the second consecutive month of revenues that are higher than the ₹ 1 lakh cr mark. Collection for August 2021 was 30% higher than that of last year, which was ₹ 86,449 cr. However, when compared to July’s collection of ₹ 1,16 lakh cr, it is still low.
Though the GST collection dropped below ₹ 1 lakh cr in June 2021 due to the second wave, the same was recovered the next month as the restrictions were eased in several parts of the country. Moreover, there has been a 14% growth as compared to the revenues from August 2019-2020. As the lockdown restrictions are easing more, the Finance Ministry is expecting GST revenues to grow further in the coming months.
All thanks to restrictions easing in the southern states, Maharashtra, Karnataka, and Tamil Nadu have contributed over 30% to the growth, which is better than last August. Additionally, there have been improvements in the GST e-way bills to a daily average of 2.1 mn in July 2021.
All in all, the total revenue after regular and ad hoc settlements for the month of August 2021 is ₹ 55,565 cr for CGST and ₹ 57,744 cr for SGST. And the revenues from the domestic transaction are 27% higher than that of last year during the same period.