The ministry of Finance has informed that the gross GST revenue collected in the month of August 2021 is Rs 1,12,020 crore. It indicates that the economy is recovering at a fast pace as GST collection for July and August 2021 have again crossed Rs 1 lakh crore.
It is 30 percent higher than the GST revenues in the same month last year. Whereas, revenues from domestic transactions (including import of services) are 27 percent higher than the revenues during the same month last year.
Out of Rs 1,12,020 crore CGST is Rs 20,522 crore, SGST is Rs 26,605 crore, 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).
Further, it has informed that 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.
However, 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.
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Knowledge Source:
GST Amnesty Scheme Extended by Three Months