GST collections grew 10.8% year over year to Rs 1.59 lakh crore in August
The Ministry of Finance said on September 1 that the government's Goods and Services Tax (GST) receipts increased 10.8% year over year in August to Rs 1.59 lakh crore.
Read More : India’s manufacturing growth surged at the quickest pace in three months
Monthly collections of GST are higher than anticipated
The August collections came in at Rs 1.59 lakh crore, which is 3.7% less than the Rs 1.65 lakh crore collected in July. This is the sixth consecutive month that the monthly mop-up has exceeded the Rs 1.5 lakh crore threshold.
According to the 2023–24 Budget, the Centre anticipates a 12 percent increase in GST receipts for the current fiscal year.
Integrated GST was Rs 83,251 crore, State GST was Rs 35,794 crore, Central GST was Rs 28,328 crore, and compensation cess was Rs 11,695 crore of the total.
The government paid out Rs 37,581 crore to the Central GST and Rs 31,408 crore to the State GST from the Integrated GST in August. The total revenue for the month following settlement was therefore Rs 65,909 crore for the Centre and Rs 67,202 crore for State GST.
Increase in Revenue from Imports
According to a statement from the finance ministry, revenue from imports of products was 3% greater this month than it was the previous one, and revenue from domestic transactions, which includes imports of services, was 14% higher.
According to MS Mani, partner at Deloitte India, these tax collections, which come against the backdrop of the first quarter's strong GDP growth, signal the start of the festive season, when consumption soars.
Uniformity in consumption across states
According to Mani, all the major producing and consuming states have had increases ranging from 10% to 23%, showing that the total increase in domestic consumption is very uniform across states.
The average monthly collection in 2023–2024 will be Rs 1.66 lakh crore, according to the most recent data.
Over time, monthly collections have increased. After being severely impacted by the epidemic in 2020–21, collections quickly increased to an average of Rs 1.51 lakh crore in 2022–23 from less than Rs 1 lakh crore per month in 2017–18, the program's initial year.
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