GST collections stay above ₹1.40-lakh crore for sixth month in a row
Collections from the Goods & Services (GST) in August has crossed ₹1.43 lakh crore, the Finance Ministry reported on Thursday. This is the sixth successive month of collections crossing ₹1.40 lakh crore.
Though the August number is less than ₹1.49 lakh crore of July, still it is 28 per cent higher than the GST revenues in the same month last year of ₹1.12 lakh crore. During the month, revenues from import of goods were 57 per cent higher and the revenues from the domestic transactions (including import of services) are 19 per cent higher than the revenues from these sources during the same month last year. Collections in August mean consumption and availing goods and services respectively in July.
The gross GST revenue collected in August comprised ₹24,710 crore of CGST, ₹30,951 crore of SGST, ₹77,782 crore (including ₹42,067 crore collected on import of goods) of IGST. The collection for cess was ₹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 the Centre and the States in August after a regular settlement is ₹54,234 crore for CGST and ₹56,070 crore for the SGST.
Finance Ministry said that the growth in GST revenue till August 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,” it said. In July, about 7.6 crore e-way bills were generated, marginally higher than 7.4 crore in June and 19 per cent higher than 6.4 crore in June 2021.
On Wednesday, while commenting on GDP number for April June quarter, the Finance Ministry had said the growth in collections were supported by robust growth in economic activity along with various measures undertaken to prevent anti-evasion activities and encourage better compliance. “The sustained growth in GST collections indicates that the growth momentum of the Indian economy has sustained even beyond Q1 of 2022-23,” it said.
Although, government does not release data separately for goods and services, but it appears services sector contributed more in overall collections as contact-based services and other sub sectors are showing good growth. This can be also be gauged based on the number of people flying and higher occupancy rates in hotels.
September 01, 2022