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Current Affairs

GST revenue collection data

Date: 03 September 2021 Tags: Miscellaneous

Issue

The Goods and Service Tax collections for the month of August clocked more than 1 lakh crore but were lower than the collections of July.

 

Background

GST is an indirect tax in which business and service collect taxes from people and transfer it to the government.

 

Details

  • The second continuous collection exceeding 1 lakh crore indicates the growth of economic activities after a series of pandemic induced lockdown.

  • The GST collections for the month of August was Rs 1, 12,020 crore. During the same month last year, the collections stood at Rs 86,449 crore. This year it recorded a growth of 29.6 per cent.

  • The breakdown of numbers show that Rs 20,522 crore was CGST, 26,605 crore was SGST, Rs 56,247 crore was IGST and cess is Rs 8,646 crore.

 

Indications

  • The increase in e-way bills was an indication of pickup in economic activity. They are compulsory for inter-state transportation of goods valued over Rs 50,000.

  • The e-way bill for August stood at 6.33 crore. The amount for July was 6.41 crore. The daily average has witnessed a growth of 2% to clock 21.1 lakh.

 

Other reasons for growth

  • The pickup of vaccination rate has instilled confidence among people regarding commercial activities and outings.

  • New investments in share market have boosted money availability. Consumer spending has resumed after many months of uncertainty.

  • Anti-evasion measures have been actively pursued to identify and prosecute fake billers. This has led to higher collection.