The gross GST revenue collected in the month of August 2022 stood at Rs 1,43,612 crore, up 28 per cent on a year-on-year basis
The gross GST revenue collected in the month of August 2022 stood at Rs 1,43,612 crore, up 28 per cent on a year-on-year basis, the Finance Ministry said in a statement on Thursday. With this, the monthly GST revenues have exceeded Rs 1.4 lakh crore for six months in a row.
Gross GST revenue collected in August was Rs 1,43,612 crore, out of which CGST was Rs 24,710 crore, SGST was Rs 30,951 crore, IGST was Rs 77,782 crore including Rs 42,067 crore collected on import of goods, and cess was Rs 10,168 crore, including Rs 1,018 crore collected on import of goods.
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The ministry said that it had settled Rs 29,524 crore to CGST and Rs 25,119 crore to SGST from IGST. After regular settlement, the total revenue of the Centre stood at Rs 54,234 crore and Rs 56,070 crore for states.
MS Mani, Partner, Deloitte India, “These collections certainly reflect the strength of the underlying economic factors as they have established a new normal of Rs1.4 lakh crore. With the onset of the festival season, which is typically a large consumption driver for all businesses, the GST collections in the coming months would also be expected to be robust.”
Monthly GST collections have touched Rs 1.4 lakh crore for the last six months in a row.
“The growth in GST revenue till August 2022 over the same period last year is 33 per cent, continuing to display very high buoyancy. This is a clear impact of various measures taken by the Council in the past to ensure better compliance. Better reporting coupled with economic recovery has been having positive impact on the GST revenues on a consistent basis. During the month of July 2022, 7.6 crore e-way bills were generated, which was marginally higher than 7.4 crore in June 2022 and 19 per cent higher than 6.4 crore in June 2021,” stated the ministry.
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In August last year, the GST revenues stood at Rs 1,12,020 crore, which is 28 per cent lower than August this year. During the month, revenue from import of goods was 57 per cent higher and the revenue from domestic transactions (including import of services) was 19 per cent higher than the same month last year.
Abhishek Jain, Partner Indirect Tax, KPMG in India, says “Continuing the positive trend, this month’s GST collections are 28 per cent higher than the collections as compared to same month of last FY, leading to a 33 per cent year on year growth. The consistent high collections indicate upward economic trajectory despite fluctuating COVID cases and to some extent attributable to inflation and better compliance being ensured by the Government.”
In July, the GST collection was Rs 1.49 lakh crore, the second-highest level since its introduction in July 2017.
