GST mop-up tops ₹1 lakh crore in August
- ByAyushi Ray | September 2, 2021
GST mop-up tops ₹1 lakh crore in August, 29.6% year-on-year jump and the highest ever for the month since its launch five years ago, signalling robust recovery of business activities after the second wave of Covid-19 pandemic. “Even as compared to the August revenues in 2019-20 [a non-Covid year] of ₹98,202 crore, this is a growth of 14%,” a finance ministry statement said. Gross GST revenue hasn’t touched the ₹1 lakh crore mark in the month of August since its inception on July 1, 2017. According to official data, the GST collection in August 2017 was ₹95,633 crore, in 2018, ₹93,960 crore , in 2019, ₹98,202 crore, and in 2020, ₹86,449 crore. GST collection in August this year, however, was 3.75% down from the July 2021 revenue of ₹1,16,393 crore.
Indirect tax collections, a weathervane of economic health, have now crossed the ₹1 lakh crore mark for two consecutive months after plunging below the benchmark in June ( ₹92,849 crore) because of the second wave that hit India. MS Mani, senior director at consultancy firm Deloitte India said the collection in August this year is robust compared to the same period in previous years, and this uptrend is likely to continue. “The high collection in August, relating to actual business transactions on July 21, indicates the revival of economic activities across states at the beginning of the festival season and is expected to be sustained over the coming months,” he said.
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