: GST collection in August at Rs 1.12 lakh crore, marginally lower than July #IndiaNEWS The Goods and Services Tax collection for the month of August fell to Rs 1,12,020 crore from Rs 1.16 lakh crore

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GST collection in August at Rs 1.12 lakh crore, marginally lower than July #IndiaNEWS
The Goods and Services Tax collection for the month of August fell to Rs 1,12,020 crore from Rs 1.16 lakh crore in July, data released by the finance ministry showed on Wednesday.Of the total collection in August, Rs 20,522 crore came from Central GST, while Rs 26,605 crore came from the State GST component. Integrated GST collections amounted to Rs 56,247 crore (including Rs 26,884 crore collected on import of goods) and the Cess was Rs 8,646 crore.Despite the dip in collection, the finance ministry said it indicated that the economy was recovering from the impacts of the coronavirus pandemic. “The revenues for the month of August 2021 are 30% higher than the GST revenues in the same month last year,� it pointed out. “Even as compared to the August revenues in 2019-’20 of Rs 98,202 crore, this is a growth of 14%.�GST collections had slipped below the Rs 1 lakh crore mark for the first time in eight months in June. “With the easing out of Covid restrictions, GST collection for July and August 2021 have again crossed Rs 1 lakh crore, which clearly indicates that the economy is recovering at a fast pace,� the ministry said.The finance ministry maintained that the “robust GST revenues� will continue in the coming months...Read more

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