For the second month in a row, GST collection crossed Rs 1 lakh crore. 1.15 lakh crore

(PTI) New delhi date. 1

For the second month in a row, GST collection has been more than Rs 1 lakh crore as economic activity picks up after the second wave of Corona. GST collection in August stood at Rs 1.15 lakh crore.

According to data released by the government, GST collection has been 20 per cent higher than in August 2020 and 18 per cent higher than in August 2017. It may be mentioned that in August, 2020, the GST collection was Rs 4.5 crore and in August, 2017, the GST collection was Rs 4,606 crore.

However, compared to July, 2021, the GST collection in August, 2021 has decreased by 7.5 per cent. In July 2021, GST collection was Rs 1.16 lakh crore.

A statement issued by the Finance Ministry said that GST collection in August, 2018 was Rs 1,13,050 crore. Of this, Central GST has been Rs 20.8 crore, State GST Rs 2,203 crore and Integrated GST Rs 2.4 crore.

It may be mentioned that GST collection remained below Rs 1 lakh crore for nine consecutive months in June, 2011 following another deadly wave of Corona.

The finance ministry further said that with the lifting of sanctions imposed in the wake of the second wave of Corona, GST collection in July and August has been more than Rs 1 lakh crore, which clearly shows that the economy is moving fast.

It may be mentioned that in April of the current financial year, GST collection was Rs 1.31 lakh crore. Following the second wave of Corona, GST collection in May fell to Rs 1.08 lakh crore. In June, GST collection was Rs 4.5 crore.