GST collection crosses Rs 1.12 lakh Cr. in August 2021
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Goods and Service Tax collection for the month of August 2021 came in at Rs 1.12 lakh crore, compared with Rs 1.16 lakh crore in July, data released by the Finance Ministry show on September 1.
This is the second consecutive month that GST collections are above the Rs 1 lakh crore mark, indicating that economic recovery post the second wave of the Covid-19 is well underway.
"The GST collections are impressive as they are above Rs 1 lakh crore for several months in succession. Most of the key manufacturing states have shown an increase of 25 percent to 35 percent in collections compared to the same period last year, indicating that the economic recovery may be faster in the current year," said MS Mani, Senior Director, Deloitte India.
GST collections had been consistently well above the Rs 1 lakh crore mark from October 2020 to May 2021. However, it slipped to Rs 92,849 crore in June, reflecting the economic disruption caused by the second wave.
This is the second consecutive month that GST collections are above the Rs 1 lakh crore mark, indicating that economic recovery post the second wave of the Covid-19 is well underway.
"The GST collections are impressive as they are above Rs 1 lakh crore for several months in succession. Most of the key manufacturing states have shown an increase of 25 percent to 35 percent in collections compared to the same period last year, indicating that the economic recovery may be faster in the current year," said MS Mani, Senior Director, Deloitte India.
GST collections had been consistently well above the Rs 1 lakh crore mark from October 2020 to May 2021. However, it slipped to Rs 92,849 crore in June, reflecting the economic disruption caused by the second wave.
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