GST collections touched Rs 1.12 lakh crore in August, 30 per cent more than Rs 86,449 crore collected in August 2020. Sequentially, however, there was a 3.76 per cent dip in August 2021 collection vis-a-vis Rs 1.16 lakh crore mopped up in July 2021.
The collections, after posting above Rs 1 lakh crore for nine months in a row, dropped below Rs 1 lakh crore in June.
“Gross GST revenue collected in August is Rs 112,020 crore of which central GST is Rs 20,522 crore, state GST is Rs 26,605 crore, integrated GST is Rs 56,247 crore (including Rs 26,884 crore from import of goods) and cess is Rs 8,646 crore (including Rs 646 crore collected on import of goods),” the finance ministry said.
Aditi Nayar, chief economist, ICRA, said: “The sequential dip in the GST collections, lower-than-expected core sector growth, and moderation in the August manufacturing PMI suggest that some caution is warranted regarding the strength of the recovery in the ongoing quarter.”
M.S. Mani, senior director, Deloitte India, said: “Most of the key manufacturing states have shown an increase of 25-35 per cent in collections compared with a year ago.”
Abhishek Jain, tax partner, EY India, said, “With increasing rates of vaccination and business supplies picking up, the uptrend is expected to continue in coming months.”
The GST Council will meet on September 17 in Lucknow to review, among other things, concessional rates on Covid essentials.
