The Rs 1.4 lakh crore is now the new normal for the monthly GST collections. In yet another month of impressive GST collections, the government collected ₹ 1,43,612 crore as GST in August, registering a 28% year-on-year increase.
This is the sixth month in a row that the monthly GST collections have been above Rs 1.4 lakh crore. This comes at the back of an increase in GST rates on a number of goods and services with effect from 18 July 2022.
Of the Rs 1.43 lakh crore collected in August, taxes collected as Central GST were ₹ 24,710 crores, State GST were ₹ 30,951 crores, IGST were ₹ 77,782 crores. GST collected from imports during the month was Rs 43,085 crore. Cesses accounted for ₹ 10,168 crores.
During the month, revenues from import of goods were 57% higher and the revenues from the domestic transactions (including import of services) are 19% higher than the revenues from these sources during the same month last year.
The government has settled ₹ 29,524 crores to CGST and ₹ 25,119 crores to SGST from IGST. The total revenue of the Centre and the States in the month of August 2022 after a regular settlement is ₹ 54,234 crores for CGST and ₹ 56,070 crores for the SGST.
The growth in GST revenue till August 2022 over the same period last year is 33%, continuing to display very high buoyancy.
The finance ministry in a statement said that the robust GST growth ‘is a clear impact of various measures taken by the GST Council in the past to ensure better compliance.’
“Better reporting coupled with economic recovery has been having a positive impact on the GST revenues on a consistent basis,” said a statement issued by the government.
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 crores in June 2021.
Of the bigger states, Karnataka, Maharashtra, Kerala, West Bengal, Bihar and Andhra Pradesh showed over 20% jump in GST collection during August.