India’s gross GST revenue in August more than ₹1.43 lakh crore

GST revenue over ₹1.4 lakh crore mark for sixth successive month

India’s gross revenues from the Goods and Services Tax (GST) were ₹1,43,612 crore in August, 28% higher than a year ago. Revenues from import of goods soared 57% during the month, while domestic transactions and import of services yielded 19% higher taxes than in August 2021.

This is the sixth successive month when GST revenues have been over the ₹1.4 lakh crore mark, the Finance Ministry said, stressing that GST collections have risen 33% till August this year, compared to the same period of 2021-22, and are ‘continuing to display very high buoyancy’.

The gross GST revenue collected in August includes ₹24,710 crore of Central GST, ₹30,951 crore collected as State GST, and Integrated GST of ₹77,782 crore, which comprises ₹42,067 crore collected on import of goods.

GST Compensation Cess collections were ₹10,168 crore and included ₹1,018 crore collected on import of goods.

On a sequential basis, August’s GST kitty, based on transactions carried out in July, was 3.6% lower than July’s collection of ₹1,48,995 crore and marks a three-month low.

As per the Ministry, 7.6 crore e-way bills were generated in July, “marginally higher” than 7.4 crore in June and 19% higher than the 6.4 crore in June 2021.