GST collections for August at Rs 1,59,069 crore, 3.6% lower than July

New Delhi, Sep 1 (SocialNews.XYZ) The gross GST revenue collected in August stood at Rs 1,59,069 crore, which was 3.6 per cent less than Rs 1,65,105 crore collected in July.

The figure was, however, 11 per cent higher than the GST collections of August 2022, which were Rs 1,43,612 crore.

Out of Rs 1,59,069 crore collected as GST revenue for August 2023, CGST was Rs 28,328 crore, SGST was Rs 35,794 crore, IGST was Rs 83,251 crore (including Rs 43,550 crore collected on import of goods), and cess was Rs 11,695 crore (including Rs 1,016 crore collected on import of goods).

The government has settled Rs 37,581 crore to CGST and Rs 31,408 crore to SGST from IGST.

The total revenue of Centre and the states in August 2023 after regular settlement was Rs 65,909 crore for CGST and Rs 67,202 crore for SGST.

The revenues for August 2023 are 11 per cent higher than the GST revenues in the same month last year.

During the month, revenue from import of goods was 3 per cent higher and from domestic transactions (including import of services) are 14 per cent higher than the revenues from these sources during the same month last year.

Earlier on Friday, Revenue Secretary Sanjay Malhotra had told reporters, on the sidelines of an event in Gurugram, that GST revenues for August 2023 have shown a growth of 11 per cent year on year due to increased compliance and less evasion.

"Roughly numbers are in the range of 11 per cent year on year growth as in earlier months," he said.

The gross GST revenue for July, 2023 had shown a meagre rise by 2 per cent to Rs 1,65,105 crore as against Rs 1,61,497 crore collected in June 2023.

"GST revenues during June quarter grew by more than 11 per cent. This translates into a tax:GDP ratio of more than 1.3," Malhotra said. He had added that GST collections have grown by more than nominal GDP and this is despite no increase in tax rates.

Source: IANS