For the sixth consecutive month, GST collection surpassed Rs 1.4 trillion in August, demonstrating strong growth

• Image Credit: The Financial Express

• Sep 1, 2022 | Kabir Chakraborty

 The Center's overall revenue after the regular settlement was Rs 54,234 crore, compared to the State's total revenue of Rs 56,070 crore. color:black;mso-themecolor:text1">

color:black;mso-themecolor:text1">Digital Desk: color:black">For six months running, the GST has generated more than Rs 1.4
lakh crore in revenue. The Ministry of Finance announced in a statement that Rs
1,43,612 crore was collected for the month of August. Additionally, it stated
that August's revenue was 28% greater than the GST revenue for the same month
last year.

color:black">Gross GST revenue for August was Rs. 1,43,612 crore, of which Rs.
24,710 crores came from CGST, Rs. 30,951 crores from SGST, Rs. 77,782 crores from
IGST, including Rs. 42,067 crore from goods imports, and Rs. 10,168 crores from
cess, including Rs. 1,018 crores from goods imports.

color:black">The government claims that it transferred Rs 25,119 crore to the
SGST and Rs 29,524 crore from the IGST. The Center's overall revenue after the regular settlement was Rs 54,234 crore, compared to the State's total revenue
of Rs 56,070 crore.

color:black">August of the previous year saw GST receipts of Rs 1,12,020 crore,
which is 28% less than August of this year. The revenue from product imports
increased by 57% and the revenue from domestic transactions, which includes the
import of services, increased by 19% when compared to the same month previous
year.

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color:black">For the past six months, monthly GST collections have exceeded Rs
1.4 lakh crore.

"From January through August, GST revenue climbed by 33% over
the same period the previous year, continuing to exhibit very strong buoyancy.
This is a clear outcome of the several steps the Council has already taken to
increase compliance. The economic recovery and enhanced reporting have
continuously influenced GST revenues in a positive way. 7.6 crore e-way bills
were generated in July 2022, the ministry reports; this was a little increase
from the 7.4 crores generated in June 2022 and a 19% increase from the 6.4 crores
generated in June 2021. color:#2E2E2E">

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