Team News Riveting
New Delhi, September 1
Goods and services tax (GST) collection surpassed the Rs 1 lakh crore-mark for the sixth consecutive month, touching over Rs 1.4 lakh crore in August.
According to provisional data released by the government on Thursday, the gross GST revenue collected in the month of August 2022 was Rs 1,43,612 crore of which CGST was 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 Rs 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.
The revenues for the month of August 2022 are 28 per cent higher than the GST revenues in the same month last year of Rs 1,12,020 crore. During the month, revenues from import of goods was 57 per cent higher and the revenues from domestic transaction (including import of services) are 19 per cent higher than the revenues from these sources during the same month last year.
For six months in a row now, the monthly GST revenues have been more than the Rs 1.4 lakh crore mark. 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 July 2021.
