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GST collection for Aug at over Rs 1.12 lakh cr
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SME Times News Bureau | 01 Sep, 2021
India's gross GST revenue collection remained above the psychological
mark of Rs 1 lakh crore for the second consecutive month, clocking Rs
1,12,020 crore in August 2021, as economic activity picked up pace post
the second wave of pandemic.
Though the GST revenues during
August 2021 were a tad lower than the over Rs 1.16 lakh crore
collections recorded in the previous month, it had maintained pace after
the fall witnessed in June when collections fell to Rs 92,849 crore. So
far this year, collections touched record high of Rs 1.41 lakh crore
collection in April and Rs 1.04 lakh crore in May.
Most tax
experts feel that with economy on path of recovery and GDP growth in Q1
FY22 also reaching a high of 20.1 per cent, GST collections are expected
to maintain momentum through the fiscal, reducing the Centre's
requirement to borrow more to meet the compensation needs of states on
account of tax collection shortfall.
"The revenues for the month
of August 2021 are 30 per cent higher than the GST revenues in the same
month last year," a Finance Ministry statement said.
"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, the GST collections
for July and August 2021 have again crossed Rs 1 lakh crore, which
clearly indicates that the economy is recovering at a fast pace," the
statement added.
According to the statement, the gross GST
revenue collected in the month of August 2021 is Rs 1,12,020 crore of
which the CGST is Rs 20,522 crore, the SGST is Rs 26,605 crore, the IGST
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 GST collections are impressive as they are
above Rs 1 lakh crore for several months in succession. Most of the key
manufacturing states have shown an increase of 25 to 35 per cent in
collections compared to the same period last year, indicating that the
economic recovery may be faster in the current year," Deloitte India's
Senior Director M.S. Mani said.
The government has settled Rs
23,043 crore to the CGST and Rs 19,139 crore to the SGST from the IGST
as regular settlement. In addition, it has also settled Rs 24,000 crore
as IGST ad-hoc settlement in the ratio of 50:50 between the 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 the 0CGST, and Rs 57,744 crore for the SGST.
During
the month, the revenues from domestic transaction (including import of
services) are 27 per cent higher than the revenues from these sources
during the same month last year. Even as compared to the August revenues
in 2019-20 of Rs 98,202 crore, this is a growth of 14 per cent.
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, the Finance Ministry said.
ICRA Chief
Economist Aditi Nayar said that the dip in the GST collections to Rs
1.12 lakh crore in August 2021 from Rs 1.16 lakh crore in July 2021 has
belied the healthy improvement in the GST e-way bills to a daily average
of 2.1 million in July 2021 from 1.8 million in June 2021, which was
reflective of the lifting of restrictions especially across the southern
states.
"Nevertheless, the GST collections remain healthy at
well above Rs 1.0 lakh crore, the YoY growth is as high as 30 per cent,
and the ad hoc settlement of unapportioned IGST will also help to ease
the cash flows of the Centre and the states," she said.
"The GST
collections for the month of August is very encouraging for the economy.
What is heartening to see is that manufacturing states such as
Maharashtra, Karnataka and Tamil Nadu have shown an increase of over 30
per cent as compared to last year which is a sure shot sign of economic
recovery," Shardul Amarchand Mangaldas & Co Partnert Rajat Bose
said.
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56.85 |
As on 13 Aug, 2022 |
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