Sunday, October 2, 2022

GST collection in August was Rs.1.43 lakh crore

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India collected goods and services tax (GST) worth Rs.1,43,612 crore in August this year, the finance ministry said. The revenue collected in August was 28 per cent higher than the one collected in the same month last year.

The finance ministry said that for the sixth consecutive month, the monthly GST revenue has been more than ₹1.40 lakh crore. Out of the overall ₹1.43 lakh crore, the central goods and services tax (CGST) was worth ₹24,710 crore while the state goods and services tax (SGST) was ₹30,951 crore.

The integrated goods and services tax (IGST) stood at ₹77,782 crore which includes ₹42,067 crore collected on the import of goods, the finance ministry said in a statement.

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The cess stood at ₹10,168 crore including ₹1,018 crore collected on the import of goods.

The government has settled ₹ 29,524 crore to CGST and ₹ 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 ₹ 54,234 crore for CGST and ₹ 56,070 crore for the SGST,” the finance ministry stated.

The finance ministry said that the growth in GST revenue till August 2022 over the same period last year is 33 per cent continuing to display very high buoyancy.

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“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% higher than 6.4 crore in June 2021,” the government added.

India’s GDP in the first quarter of the fiscal year surged by 13.5 per cent as against a 20.1 per cent growth seen during the same period in 2021, a data released by the National Statistical Office stated.

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