August GST revenue rises 28% to 1.44 lakh crore

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New Delhi : India’s monthly GST revenue collection dropped by 4% to Rs.1,43,612 crore from Rs.1.48,995 crore in July 2022. But, it is 28% higher than August 2021’s collection of 1,12,020 crore, according to the data released by the Finance Ministry.

Out of the 1,43,612 crore, CGST is Rs. 24,710 crore, SGST is Rs.  30,951 crore, IGST is Rs.  77,782 crore (including Rs.  42,067 crore collected on import of goods) and cess is Rs.  10,168 crore (including ₹ 1,018 crore collected on import of goods).

The government has settled Rs.  29,524 crore to CGST and Rs.  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 Rs. 54,234 crore for CGST and Rs. 56,070 crore for the SGST.

During August, 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.

The monthly GST earnings have now exceeded the 1.4 lakh crore threshold for six consecutive months. GST revenue has increased by 33% through August 2022 compared to the same period in the previous year, continuing to show very strong buoyancy. This is an obvious result of the numerous actions the Council has taken in the past to achieve greater compliance. The economic rebound and improved reporting have consistently had a favourable influence on GST revenues. 7.6 crore e-way bills were produced in July 2022, which was a little increase from 7.4 crore in June 2022 and a 19% increase from 6.4 crore in July 2021.

 

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