August GST revenue collection jumps 28% YoY to Rs 1.44 Lakh Crore

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Gross GST revenue collected in the month of August 2022 stood at Rs 1,43,612 crore, up 28% on an annual basis, the Ministry of Finance said in a statement on Thursday. With this, the monthly GST revenue has topped Rs 1.4 lakh crore for six consecutive months.

Gross GST revenue collected in August was Rs 1,43,612 crore, of which CGST was Rs 24,710 crore, SGST was Rs 30,951 crore, IGST was Rs 77,782 crore, of which Rs 42,067 crore collected at the importation of goods, and the tax was Rs 10,168 crore, including Rs 1,018 crore collected on importation of goods.

The ministry said it had settled Rs 29,524 crore to CGST and Rs 25,119 crore to SGST from IGST. After regular settlement, the total income of the Center stood at Rs 54,234 crore and Rs 56,070 crore for the States.

MS Mani, Partner, Deloitte India, “These collections certainly reflect the strength of the underlying economic factors as they have set a new standard of Rs1.4 lakh crore. With the start of the festival season, which is usually a major consumer driver for all businesses, GST collections in the coming months should also be robust.”

Monthly GST collections have touched Rs 1.4 lakh crore for the past six consecutive months.

“GST revenue growth through August 2022 compared to the same period last year is 33%, continuing to show very high momentum. This is a clear impact of the various measures taken by the Board in the past to ensure better compliance Better reporting associated with the economic recovery has had a consistent positive impact on GST revenues During the month of July 2022, e-mail invoices of 7, 6 crores were generated, which was slightly higher than 7.4 crores in June 2022 and 19% higher than 6.4 crores in June 2021,” the ministry said.

In August last year, GST revenue stood at Rs 1,12,020 crore, 28% lower than in August this year. During the month, income from the import of goods increased by 57% and income from domestic transactions (including the import of services) increased by 19% compared to the same month last year.

Abhishek Jain, Partner Indirect Tax, KPMG in India, said: “Continuing the positive trend, this month’s GST collections are 28% higher than the same month last year, resulting in a 33% year-over-year growth. High and consistent recoveries indicate an upward economic trajectory despite fluctuating COVID cases and to some extent attributable to inflation and better government compliance.

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

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