GST collection in August rises 28% to Rs 1.43 lakh crore
New Delhi, September 1: The Goods and Services Tax collection for the month of August was Rs 143,612 crore, which is 28% higher than the same month last year but less than the Rs 148,995 crore collected in July.
For the sixth month in a row, monthly GST revenue collections have exceeded Rs 1.4 lakh crore. According to data, of the total GST collected in August, Rs 24,710 crore was part of CGST, Rs 30,951 crore was SGST, Rs 77,782 crore was IGST (including Rs 42,067 crore collected on import of goods), and Rs 10,168 crore was cess.
"The growth in GST revenue till August 2022 over the same period last year is 33 per cent, continuing to display very high buoyancy," stated a government statement.
According to the statement, this is a clear result of several measures implemented by the GST Council in the past to promote better compliance.
"Better reporting coupled with economic recovery has been having a positive impact on the GST revenues on a consistent basis. 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 per cent higher than 6.4 crore in June 2021," it further read.
It is worth noting that GST revenue collections surpassed Rs 1.5 lakh crore for the first time in April, reaching Rs 1.68 lakh crore.
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Recently, the GST regime marked its five years. The GST taxation system was designed by the government to bring uniform taxes across the country, as well as transparency, accountability, and a simpler registration process.
GST was implemented in the country on July 1, 2017, and states were guaranteed compensation for any revenue lost as a result of GST implementation for a period of five years under the provisions of the GST (Compensation to States) Act, 2017.
Cess is levied on certain goods to provide compensation to states, and the money collected is credited to the Compensation Fund. With effect from July 1, 2017, compensation to states is paid from the Compensation Fund.
Several states requested an extension of the compensation for at least a few years, if not five years, at the most recent GST Council meeting in Chandigarh. Any formal decision, if any, has yet to be made.
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-PTC News
