GST collections see 8.9 pc YoY growth at Rs 1.87 lakh crore in October
It is the eighth consecutive month when GST collections stayed above the Rs 1.7 lakh crore mark.
The gross GST collection in August witnessed a 28 per cent jump year-on-year, as they stood at Rs 1,43,612 crore during the month.
According to figures released by the Finance Ministry on Thursday, GST collections in August 2021 were Rs 1,12,020 crore.
Increase in revenue from Import and domestic transactions
Advertisement
Meanwhile, during the month revenues from import of goods is also 57% higher and the revenues from domestic transactions (including import of services) are 19% higher than the revenues from these sources during the same month last year.
Out of the total gst collection in august, CGST stood at Rs 24,710 crore, SGST was Rs 30,951 crore, and IGST was Rs 77,782 crore while the cess stood at Rs 10,168 crore. Rs 42,067 crore IGST and Rs 1,018 crore cess was collected on import of goods.
Rs 29,524 crore to CGST and Rs 25,119 to SGST has been settled by the government from IGST. The total revenue of Centre and the States in the month of August 2022 after regular settlement is Rs 54,234 crore for CGST and Rs 56,070 crore for the SGST.
GST collection crossing Rs 1.4 lakh crore mark for last six months
The statement released by the government of India says that for the last six months total GST collections have continuously crossed Rs 1.4 lakh crore mark and it is 33% higher than last year till August 2022 over the same period.
Similarly, 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 July 2021.
“The growth in GST revenue 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,” a Ministry statement said.
(inputs from IANS)
Advertisement
