The total revenue of Centre and the states in the month of August after regular settlement is Rs 65,909 crore for CGST and Rs 67,202 crore for the SGST
The gross Goods and Services Tax (GST) revenue collected in the month of August 2023 is Rs 1,59,069 crore, a growth of 11% on an annual basis, said Ministry of Finance on Friday.
Of the Rs 1.59 lakh crore GST collected, CGST is Rs 28,328 crore, SGST is Rs 35,794 crore, IGST 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 government has settled Rs 37,581 crore to CGST and Rs 31,408 crore to SGST from IGST. The total revenue of Centre and the States in the month of August, 2023 after regular settlement is Rs 65,909 crore for CGST and Rs 67,202 crore for the SGST.
The revenues for the month of August 2023 are 11% higher than the GST revenues in the same month last year. During the month, revenue from import of goods was 3% higher and the revenues from domestic transactions (including import of services) are 14% higher than the revenues from these sources during the same month last year.
Revenue Secretary Sanjay Malhotra said earlier on Friday that GST collections have grown by more than nominal GDP and this is despite no increase in tax rates. This is because of better compliance and improved tax collection efficiency. Tax evasion and avoidance is low.
GDP growth was 7.8% in June quarter and nominally it has grown 8%.
Source: https://shorturl.at/xVX78
