GST Revenue in August: Rs. 1.59 Lakh Crores! An increase of 11%!
Posted on: 02/Sep/2023 11:40:06 AM
A revenue of Rs. 1.59 lakh crores has been collected as Goods & Services Tax (GST) in August this year (2023). This is higher by 11% compared to the previous year, August 2022.
At the same time, while comparing the GST collections for July in both years, GST revenue has decreased. Rs. 1.65 lakh crores had been collected as GST in July 2023.
In a notification released by the Central Ministry of Finance in this regard, it is mentioned:
"The revenue from GST in August is Rs. 159,089 crores. Out of this, Central GST is Rs. 28,328 crores. The State GST revenue is Rs. 35,794 crores (including the import duty of Rs. 43,550 crores).
A Cess of Rs. 11,695 crores (including the Import Duty of Rs. 1,016 crores) has been collected.
The Secretary of the Central Revenue Department, Sanjay Malhotra, had an interview session with the press reporters yesterday (Friday, 1st September). He shared:
"In August 2022, GST revenue collected was Rs. 1.43 lakh crores. Compared to this, GST revenue in August 2023 has increased by 11%! There has been an average increase of 11% in most other months as well!
In the first quarter of this Financial Year (2023-24), a growth of 8% has been registered for the Indian Economy. GST revenue has increased by more than 11%.
Though the tax rates have not been increased, GST Revenue has increased. Excellent and a high degree of compliance, improvement in the tax collection system, and prevention of tax evasion are the three major reasons for this substantial increase in GST revenue!"
Regarding the state of Tamil Nadu, GST revenue in August 2022 was Rs. 8,386 crores. In August 2023, GST revenue of Rs. 9,475 crores was collected. This is higher by 13%!
GST revenue nationwide in May and June 2023 was Rs. 1.57 lakh crores and Rs. 1.61 lakh crores, respectively. A record revenue of Rs. 1.87 lakh crores was collected in April!
As the festive season is fast approaching, experts in this field have shared that GST revenue is likely to increase further!
