GST collection in August was ₹1.43 lakh crore, 28% YoY increase
India collected goods and services tax (GST) worth ₹1,43,612 crore in August this year, the finance ministry said.
According to the finance ministry, India collected $1,43,612 crore in goods and services tax (GST) in August of this year. The revenue collected in August was 28% higher than the same month the previous year.
According to the finance ministry, monthly GST revenue has exceeded Rs.1.40 lakh crore for the sixth consecutive month. The central goods and services tax (CGST) was worth 24,710 crore out of the total of 1.43 lakh crore, while the state goods and services tax (SGST) was worth 30,951 crore. The integrated goods and services tax (IGST) stood at 77,782 crore, including 42,067 crore collected on imports of goods, according to a statement from the finance ministry.
The cess totaled 10,168 crore, including 1,018 crore collected on imports.
“From IGST, the government has settled 29,524 crore to CGST and 25,119 crore to SGST.” The total revenue of the Centre and the States in August 2022 after regular settlement is 54,234 crore for CGST and 56,070 crore for SGST, according to the finance ministry.
According to the finance ministry, the growth in GST revenue until August 2022 over the same period last year is 33%, indicating that the economy is still in good shape.
“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.
Idia’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.
