The Goods and Services Tax (GST) revenue increased 28% year-on-year in August to ₹1,43,612 crore, crossing the ₹1.40 lakh crore for the six consecutive months amid robust economic recovery and compliance, the Union finance ministry said.
“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 were 57% higher and the revenues from the domestic transaction (including import of services) are 19% higher than the revenues from these sources during the same month last year,” the ministry said in a statement.
For six months in a row, the monthly GST revenues have been more than the ₹1.40 lakh crore mark, it said. “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,” it said.
Better reporting coupled with economic recovery has been having a positive impact on the GST revenues on a consistent basis. In July, 7.6 crore e-way bills were generated, which was marginally higher than 7.4 crore in June and 19% higher than 6.4 crore in June 2021, it added.
The gross GST revenue collected in August is ₹1,43,612 crore of which central GST (CGST) is ₹24,710 crore, state GST is ₹30,951 crore, integrated GST 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, it said.
The government has settled ₹29,524 crore to CGST and ₹25,119 crore to SGST from IGST. The total revenue of the Centre and states in August after the regular settlement is ₹54,234 crore for CGST and ₹56,070 crore for the SGST, it said.
“The consistent high collections indicate upward economic trajectory despite fluctuating Covid cases and to some extent are attributable to inflation and better compliance being ensured by the government,” said Abhishek Jain, partner, Indirect Tax, KPMG in India.
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