The revenues from Goods and Services Tax are beginning to register a noteworthy growth after the COVID-related slump, as per the latest data provided by the Ministry of Finance.
The gross GST collected in August 2021 is Rs. 1,12,020 crore, and this is 30 percent higher than the GST revenues for the same month last year.
The ministry gave a breakdown of the GST revenues.
“The gross GST revenue collected in the month of August 2021 is ₹ 1,12,020 crore of which CGST is ₹ 20,522 crore, SGST is ₹ 26,605 crore, IGST is ₹ 56,247 crore (including ₹ 26,884 crore collected on import of goods) and Cess is ₹ 8,646 crore (including ₹ 646 crore collected on import of goods).”
Post-settlement of this revenue, the central government’s share was Rs. 57,744 Cr, while the states netted Rs. 55,565 Cr. As per the finance ministry, this is how it worked out.
“The government has settled ₹ 23,043 crore to CGST and ₹ 19,139 crore to SGST from IGST as regular settlement. In addition, Centre has also settled ₹ 24,000 crore as IGST ad-hoc settlement in the ratio of 50:50 between 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 ₹ 55,565 crore for CGST and ₹ 57,744 crore for the SGST.“
While citing anti-evasion activities and action against fake billers for enhanced GST collections, the government also linked the easing of the COVID restrictions with an increase in the GST.
The government expects the growth pattern to reflect over the coming months as well.
“With the easing out of COVID restrictions, GST collection for July and August 2021 have again crossed ₹1 lakh crore, which clearly indicates that the economy is recovering at a fast pace.”
The north-eastern states recorded a spike in the GST revenues.
Manipur recorded the highest GST growth at 71%, followed by Arunachal Pradesh at 52%, then Sikkim at 49%, Jharkhand 45%, Odisha 41%, Assam and Karnataka 35%, Mizoram 31%, Tripura 30%, Goa 34%, Maharashtra 31%, Andhra Pradesh 33 percent%, and Telangana 26 percent.