01.09.2022: August GST revenue collection up 28% YoY at Rs 1.44 lakh crores

The gross GST revenue collected in the month of August 2022 stood at Rs 1,43,612 crore, up 28% on a year-on-year basis, the Finance Ministry said in a statement on Thursday. With this, the monthly GST revenues have exceeded Rs 1.4 lakh crore for six months in a row.

Further, the Centre has settled Rs 29,524 crore to CGST and Rs 25,119 crore to SGST from IGST. The total revenue of the Centre and the States in the month of August after the regular settlement stood at Rs 54,234 crore for CGST and Rs 56,070 crore for the SGST.

In August, the revenues from import of goods were up 57% and the revenues from domestic transactions (including import of services) were up 19% from the revenues from these sources during the same month last year.

“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% higher than 6.4 crore in June 2021,” the ministry said.

In July, the GST collection was Rs 1.49 lakh crore, the second-highest level since its introduction in July 2017.

Source: The Economic Times 
https://economictimes.indiatimes.com/news/economy/indicators/august-gst-revenue-collection-up-28-yoy-at-rs-1-44-lakh cr/articleshow/93921293.cms

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