GST Revenue of Rs. 1,12,020 crore collected in August

In August 2021, gross GST revenue was Rs. 1,12,020 crore, with CGST at Rs. 20,522 crore, SGST at Rs. 26,605 crore, IGST at Rs. 56,247 crore (including Rs. 26,884 crores collected on imports of goods), and Cess at Rs. 8,646 crore (including Rs. 646 crores collected on import of goods).

As part of the normal settlement, the government has paid Rs. 23,043 crore to the CGST and Rs. 19,139 crore to the SGST. In addition, the Centre has agreed to pay Rs. 24,000 crore in IGST ad hoc settlements in a 50:50 split between the Centre and the States/UTs. In August 2021, the total revenue of the Centre and the States after regular and ad-hoc settlements is Rs. 55,565 crore for the CGST and Rs. 57,744 crore for the SGST.

The revenue for the month of August 2021 is 30 percent higher than the same month the previous year. Domestic transaction revenues (including service imports) were 27 percent higher this month than they were the same month last year. Even when compared to the 98,202 crore in August of the previous fiscal year, this is a 14 percent increase.

Due to the second wave of covid, GST collection fell below Rs. 1 lakh crore in June 2021 after being above Rs. 1 lakh crore for nine months in a row. With the removal of COVID restrictions, GST collections for July and August 2021 have once again surpassed Rs 1 lakh crore, indicating that the economy is rapidly rebounding. Anti-evasion operations, particularly action against false billers, have also contributed to increased GST receipts when combined with economic growth. GST revenues are expected to remain strong in the future months as well.

The table compares the amount of GST collected in each state in August 2021 to August 2020.

Growth in Statewise GST Revenues in August 2021