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GST collections up 11% at Rs 1.59 lakh cr in Aug
Govt hopes higher indirect tax collections in forthcoming festive season
New Delhi: GST collections grew by 11 per cent to over Rs1.59 lakh crore in August on the back of improved compliance and reduced evasion. The gross GST revenue collected in August 2023 is Rs1,59,069 crore, of which Central GST is Rs28,328 crore, State GST is Rs35,794 crore, Integrated GST is Rs83,251 crore (including Rs43,550 crore collected on import of goods) and cess is Rs11,695 crore (including Rs1,016 crore collected on import of goods).
“The revenues for the month of August 2023 are 11 per cent higher than the GST revenues in the same month last year.
During the month, revenue from import of goods was three per cent higher and the revenues from domestic transactions (including import of services) are 14 per cent higher than the revenues from these sources during the same month last year,” the Finance Ministry said in a statement.
The Goods and Services Tax (GST) collection was over Rs1.43 lakh crore in August 2022. Revenue Secretary Sanjay Malhotra said: “GST collections have grown more than nominal GDP growth rate in the April-June quarter despite no increase in tax rates. This is because of better compliance and improved tax collection efficiency.”
