11 percent increase in GST revenue, reached Rs 1.6 lakh crore in August

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New Delhi (Best Hindu News): Gross GST revenue in August stood at Rs 1,59,069 crore, a decline of 3.6 per cent from Rs 1,65,105 crore collected in July. However, this figure was 11 per cent higher than the GST collection for August 2022. The total GST collection in August last year stood at Rs 1,43,612 crore.

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

The government has shifted Rs 37,581 crore from IGST to CGST and Rs 31,408 crore to SGST. The total revenue of the Center and the States in August 2023 after regular settlement was Rs 65,909 crore for CGST and Rs 67,202 crore for SGST. The revenue for August 2023 is 11 percent more than the GST revenue for the same month last year.

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

Earlier on Friday, Revenue Secretary Sanjay Malhotra told reporters on the sidelines of an event in Gurugram that GST revenue for August 2023 is seen to rise by 11 per cent year-on-year due to increased compliance and less evasion.

“Broadly the figures are in the range of 11 per cent year-on-year growth as in the earlier months,” he added. Gross GST revenue rose by two per cent to Rs 1,65,105 crore in July as compared to June this year. In June 2023, this figure was Rs 1,61,497 crore.

Malhotra said, “GST revenue grew by over 11 per cent during the June quarter. This means that the tax to GDP ratio is more than 1.3. He had said that GST collections have grown more than nominal GDP and this is despite no increase in tax rates.

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