NB Explains | GST collection grows 11% year-on-year; Know how much was collected-
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New Delhi, Sept 2: In a significant development, the gross Goods and Services Tax revenue collected in the month of August was Rs 159,069 crore, official data from the Ministry of Finance showed on Friday.
The monthly revenue is 11% higher than the collection the same month the previous year. Of the total collection, CGST was Rs 28,328 crore, SGST was R 35,794 crore, IGST Rs 83,251 crore, and cess was Rs 11,695 crore.
Govt eyes festive boost-
The government will look forward to witnessing the boost due to the upcoming festivals that are lined up in the coming days.
States contribution
Speaking of the states, Tripura recorded the highest growth of 40%, followed by Arunachal Pradesh at 39%.
Himachal Pradesh - where severe rains have resulted in disruption of road and rail movement - saw a meagre 2% increase in GST collections, the lowest among all states and Union territories.
Uttarakhand, the other hilly state affected by the monsoon, however, reported a 24% jump, according to latest numbers released by the finance ministry based on transactions in July.
The Trends-
If you see the trends in GST Collections of FY 2022-23 & 2023-24 in terms of months, it has been higher than previous year's month. For e.g. the August 2022-23 GST collection was Rs 1,48,995 crore and August 2022-23 GST collection 1,65,105.
₹1,59,069 crore gross #GST revenue collected for August 2023; records 11% Year-on-Year growth
— Ministry of Finance (@FinMinIndia) September 1, 2023
Revenues from domestic transactions (including import of services) are 14% higher Year-on-Year
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Notably, in April, the gross GST collection was at an all-time high of Rs 187,035 crore.
In the entire financial year 2022-23, the total gross GST collection stood at Rs 18. 10 lakh crore and the average gross monthly collection for the full year is Rs 1.51 lakh crore. The gross revenues in 2022-23 were 22 per cent higher on a yearly basis.
Over the last few years, various efforts have been made to increase the tax base and improve compliance.
Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for a period of five years.
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