GST collections moderate to ₹1.12 lakh crore in August
The Hindu
August GST revenues are 30% higher than the same month a year ago but 3.75% lower than July 2021
Gross Goods and Services Tax (GST) revenues in August fell to ₹1.12 lakh crore from ₹1.16 lakh crore in July, the Finance Ministry said on September 1, terming it an indicator that the economy is in the midst of a ‘fast’ recovery. The August GST revenues are 30% higher than the same month a year ago but 3.75% lower than July 2021. “Even as compared to the August revenues in 2019-20 of ₹98,202 crore, this [₹1,12,020 crore collection] is a growth of 14%,” the Finance Ministry said, suggesting that GST revenues have gone past their pre-pandemic levels. Revenues from domestic transactions (including import of services) were 27% higher in August year-on-year. GST collections had fallen below the ₹1 lakh crore mark in June due to the second COVID-19 wave after a nine-month streak above that threshold.
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