NEW DELHI: The Ministry of Finance on Wednesday informed that the gross  Goods and Services Tax (GST) collections for the month of August remained over Rs 1.12 lakh Cr, which is a 30 percent jump in the collection on a year-on-year basis. This is for the second time in a row that GST has remained over the one lakh Cr mark. In July 2021, the GST revenue was more than Rs 1.16 lakh Cr.

Though the GST revenues during August 2021 were a tad lower than the over Rs 1.16 lakh Cr collections recorded in the previous month, it had maintained pace after the fall witnessed in June when collections fell to Rs 92,849 Cr. So far this year, collections touched record high of Rs 1.41 lakh Cr collection in April and Rs 1.04 lakh Cr in May. Most tax experts feel that with economy on path of recovery and GDP growth in Q1 FY22 also reaching a high of 20.1 percent, GST collections are expected to maintain momentum through the fiscal, reducing the Centre's requirement to borrow more to meet the compensation needs of states on account of tax collection shortfall.

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