New Delhi: GST collections grew by 11 per cent to over Rs 1.59 lakh crore in August on the back of improved compliance and reduced evasion.
The gross GST revenue collected in August 2023 is Rs 1,59,069 crore of which Central GST is Rs 28,328 crore, State GST is Rs 35,794 crore, Integrated GST is Rs 83,251 crore (including Rs 43,550 crore collected on import of goods) and cess is Rs 11,695 crore (including Rs 1,016 crore collected on import of goods).
“The revenues for the month of August 2023 are 11 per cent higher than the GST revenues in the same month last year. During the month, revenue from import of goods was 3 per cent higher and the revenues from domestic transactions (including import of services) are 14 per cent higher than the revenues from these sources during the same month last year,” the Finance Ministry said in a statement.
The Goods and Services Tax (GST) collection was over Rs 1.43 lakh crore in August 2022.
Revenue Secretary Sanjay Malhotra said GST collections have grown more than nominal GDP growth rate in the April-June quarter despite no increase in tax rates.
“This is because of better compliance and improved tax collection efficiency,” Malhotra said, adding tax evasion and avoidance too have been low.
KPMG Partner and National Head Indirect Taxes Abhishek Jain said with the approaching festive season GST collections are expected to be better in the coming months.
PTI