August GST revenue collection up 28pc

Published : 02 Sep 2022 08:42 PM

The gross GST revenue collected in the month of August stands at ₹ 1,43,612 crore, the Ministry of Finance said on Thursday.

With this, the monthly GST revenues have been more than the ₹ 1.4 lakh crore mark for six months in a row now, the ministry pointed out as it released the latest data. The revenues for the month of August 2022 are 28% higher than the GST revenues in the same month last year of ₹ 1,12,020 crore. During the month, revenues from import of goods was 57% higher and the revenues from domestic transaction (including import of services) are 19% higher than the revenues from these sources during the same month last year. At the same time, the growth in GST revenue till August 2022 over the same period last year is 33%, 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," the ministry noted. According to data for August, CGST is ₹ 24,710 crore, SGST is ₹ 30,951 crore, IGST is ₹ 77,782 crore (including ₹ 42,067 crore collected on import of goods) and cess is ₹ 10,168 crore (including ₹ 1,018 crore collected on import of goods).

The government has settled ₹ 29,524 crore to CGST and ₹ 25,119 crore to SGST from IGST. The total revenue of Centre and the States in the month of August 2022 after regular settlement is ₹ 54,234 crore for CGST and ₹ 56,070 crore for the SGST.

Additionally, 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% higher than 6.4 crore in July 2021.

Data released on Wednesday had shown that the Indian economy expanded 13.5% year-on-year in the April-June quarter, the fastest pace in a year.