GST collection for Aug at Rs 1,43,612 cr; revenue crosses Rs 1.4 lakh cr for six months in a row

GST revenue collection has been more than Rs 1.4 lakh crore for six months in a row. For the month of August, Rs 1,43,612 crore was collected, said the Ministry of Finance in a statement. It further added that revenues for August was 28 per cent higher than the GST revenues in the same month last year. 

Gross GST revenue collected in August was Rs 1,43,612 crore, out of which CGST was Rs 24,710 crore, SGST was Rs 30,951 crore, IGST was Rs 77,782 crore including Rs 42,067 crore collected on import of goods, and cess was Rs 10,168 crore, including Rs 1,018 crore collected on import of goods. 

The ministry said that it had settled Rs 29,524 crore to CGST and Rs 25,119 crore to SGST from IGST. After regular settlement, the total revenue of the Centre stood at Rs 54,234 crore and Rs 56,070 crore for states.

In August last year, the GST revenues stood at Rs 1,12,020 crore, which is 28 per cent lower than August this year. During the month, revenue from import of goods was 57 per cent higher and the revenue from domestic transactions (including import of services) was 19 per cent higher than the same month last year.

Monthly GST collections have touched Rs 1.4 lakh crore for the last six months in a row. 

“The growth in GST revenue till August 2022 over the same period last year is 33 per cent, 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. 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 per cent higher than 6.4 crore in June 2021,” stated the ministry. 

Also read: August GST collections to be more than Rs 1.42 lakh crore: DEA secretary

Also read: GST collections in July at Rs 1.49 lakh crore, 28% higher YoY

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