While GST collection in August was on a year-on-year basis, there has been a decline in comparison to the amount collected in June and July.
The Goods and Services Tax (GST) revenues for August 2023 have shown a growth of 11 per cent year-on-year due to increased compliance and reduced evasion, according to Revenue Secretary Sanjay Malhotra. In August 2022, the collection from GST was Rs 1,43,612 crore.
Out of the Rs 1.59 lakh crore GST collected, CGST accounted for Rs 28,328 crore, SGST for Rs 35,794 crore, IGST for Rs 83,251 crore (including Rs 43,550 crore collected on import of goods), and cess for Rs 11,695 crore (including Rs 1,016 crore collected on import of goods).
“The revenues for the month of 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 the revenues from domestic transactions (including import of services) are 14 per cent higher than the revenues from these sources during the same month last year,” the Finance Ministry said in a statement.
While GST collections were up on a year-on-year basis, there has been a decline in comparison to the amount collected in June and July.
In July 2023, the central and state governments collectively collected Rs 1.65 lakh crore in GST revenue, marking an 11 per cent improvement from the same period last year. In June 2023, total GST collection stood at Rs 1.61 lakh crore.
It may be noted that the government expects to collect over Rs 9.50 lakh crore through GST in the ongoing financial year that ends in March 2024.
Source By: indiatoday
