The gross GST revenue collected in the month of August 2022 stood at Rs 1,43,612 crore, up 28 per cent on a year-on-year basis, the Finance Ministry said in a statement on Thursday. With this, the monthly GST revenues have exceeded Rs 1.4 lakh crore for six months in a row.
Gross GST revenue collected in August was Rs 1,43,612 crore, out of which CGST was Rs 24,710 crore, SGST was Rs 30,951 crore, IGST was Rs 77,782 crore including Rs 42,067 crore collected on import of goods, and cess was Rs 10,168 crore, including Rs 1,018 crore collected on import of goods.
The ministry said that it had settled Rs 29,524 crore to CGST and Rs 25,119 crore to SGST from IGST. After regular settlement, the total revenue of the Centre stood at Rs 54,234 crore and Rs 56,070 crore for states.
In August last year, the GST revenues stood at Rs 1,12,020 crore, which is 28 per cent lower than August this year. During the month, revenue from import of goods was 57 per cent higher and the revenue from domestic transactions (including import of services) was 19 per cent higher than the same month last year.
MS Mani, Partner, Deloitte India, “These collections certainly reflect the strength of the underlying economic factors as they have established a new normal of Rs1.4 lac Crores. With the onset of the festival season, which is typically a large consumption driver for all businesses, the GST collections in the coming months would also be expected to be robust.”
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