Gross Goods and Services Tax (GST) revenue collections in August (for sales in July) came in lower than previous month’s level but crossed the Rs 1 lakh-crore mark for the second consecutive month.
The sustenance above Rs 1 lakh-crore indicates a pickup in economic activity after a series of localised lockdowns. The pickup in economic activity was visible in the improvement in e-way bills — which are mandatory for the inter-state transportation of goods valued over Rs 50,000 — in July. They have remained steady in August as well.
In July, e-way bill generation had picked up to 6.41 crore from 5.46 crore in June and 4 crore in May. The e-way bill generation has remained steady at 6.33 crore in August during the second wave of the Covid-19 pandemic.
Gross GST collections came in at Rs 1,12,020 crore in August, 29.6 per cent higher than Rs 86,449 crore collected in the same period last year.
Out of the total Rs 1.12 lakh crore collection, CGST is Rs 20,522 crore, SGST is Rs 26,605 crore, IGST is Rs 56,247 crore (including Rs 26,884 crore collected on import of goods) and cess is Rs 8,646 crore (including Rs 646 crore collected on import of goods).
