Economics
GST Collections Reach Rs 1.6 Lakh Crore, Registers 11 Per Cent Growth In August 2023
GST collections on the surge.
The revenue secretary, Sanjay Malhotra, announced that the Goods and Services Tax (GST) revenues for August 2023 have increased by 11 per cent compared to the same period in the previous year.
This growth can be attributed to improved compliance and reduced evasion. The collection from GST in August 2022 was Rs 1,43,612 crore.
As reported by PTI, Malhotra stated that the growth rate is roughly around 11 per cent, similar to previous months. This translates to approximately Rs 1.60 lakh crore.
In July, the central and state governments collected Rs 1.65 trillion in GST revenue, marking an 11 per cent improvement compared to the previous year.
Several large state economies, including Punjab, Haryana, Delhi, Uttar Pradesh, Maharashtra, Karnataka, and Tamil Nadu, reported double-digit revenue growth.
Delhi saw a significant increase of 25 per cent in GST revenue, amounting to Rs 5,405 crore, while Uttar Pradesh reported a 24 per cent jump, reaching Rs 8,802 crore.
The gross GST revenue collected in June 2023 amounted to Rs 161,497 crore. This included Rs 31,013 crore for CGST, Rs 38,292 crore for SGST, Rs 80,292 crore for IGST (including Rs 39,035 crore collected on import of goods), and Rs 11,900 crore for cess (including Rs 1,028 crore collected on import of goods).
The GST was implemented in India on 1 July 2017. As per the provisions of the GST (compensation to states) Act, 2017, states were assured compensation for any revenue loss resulting from the implementation of GST, for a period of five years.
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