Tribune News Service
New Delhi, September 1
The GST collection topped the Rs 1-lakh-crore mark for the second straight month in August at Rs 1.12 lakh crore. It was, however, 3.7% lower than the Rs 1.16 lakh crore collected in July, but 29.5% higher than Rs 86,449 crore collected in the same month a year ago.
The sustenance above Rs 1 lakh crore indicates a pickup in economic activity after a series of localised lockdowns during the second wave of the Covid pandemic.
Out of Rs 1.12 lakh crore collected, CGST is Rs 20,522 crore, SGST is Rs 26,605 crore, IGST is Rs 56,247 crore (including Rs 26,884 crore from imports) and cess is Rs 8,646 crore (including Rs 646 crore collected on imports).
“The robust GST revenue is likely to continue in the coming months too,” said the Finance Ministry. “With the easing of Covid restrictions, GST collection for two successive months has crossed Rs 1 lakh crore, which clearly indicates that the economy is recovering at a fast pace,” it added.
Coupled with economic growth, anti-evasion activities, especially action against fake billers, have also been contributing to the enhanced GST collection, it said.
Independent analyst ICRA said the dip as compared to the previous month has belied the healthy improvement in GST e-way bills to a daily average of 21 lakh in July from 18 lakh in June, which reflected the lifting of restrictions, especially in the southern states.
“Nevertheless, GST collection remains healthy, the year-on-year growth is as high as 30%, and the ad hoc settlement of unapportioned IGST will also help to ease the cash flows of the Centre and the states,” said Aditi Nayar, ICRA Chief Economist.
Experts also cautioned about the lower-than-expected core sector growth which suggested the need for some caution regarding the strength of the recovery that is underway in the ongoing quarter.
29.5% HIGHER THAN A YEAR AGO
- The GST collection in August was 29.5% higher than Rs86,449 crore collected in August last year
- There was, however, a 3.76% decline in August collection vis-a-vis Rs1.16 lakh crore mopped up in July
- The revenue from domestic transactions (including import of services) was 27% higher during the same month last year
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