Source: Financial Express, 01 September 2022
GST collection in August soared 28 per cent on-year to Rs 1.43 lakh crore, on the back of economic recovery. Monthly GST revenues collection topped Rs 1.4 lakh crore for the six months in a row. Last year in August, GST revenue collection stood at Rs 1.12 lakh crore. The Finance Ministry said till August 2022, GST revenue has jumped 33 per cent displaying a very high buoyancy. “This is a clear impact of various measures taken by the Council in the past to ensure better compliance. Better reporting coupled with economic recovery has been having a positive impact on the GST revenues on a consistent basis,” the finance ministry said in a statement.
During the month, revenues from import of goods were 57 per cent higher and the revenues from domestic transactions (including import of services) were 19 per cent higher than the revenues from these sources during the same month last year. Of the total GST collections, Central GST was Rs 24,710 crore, while State GST was Rs 30,951 crore. Integrated GST was Rs 77,782 crore and cess was Rs 10,168 crore. The collections hit a record high of Rs 1.68 lakh crore in April, 2022.
The Finance Ministry said till August 2022, GST revenue has jumped 33 per cent displaying a very high buoyancy. During the month of July 2022, 7.6 crore e-way bills were generated, which was marginally higher than 7.4 crore in June 2022 and 19% higher than 6.4 crore in June 2021.
Saurabh Agarwal, Tax Partner, EY said that while the GST revenue collections remain above 1.4 lakh crores for 6 consecutive months, decline in cess collections by approximately 7% compared to last month indicate decreased demand of goods such as automobile, cigarettes and aerated beverages. “Effectively, the robust GST collections can be said to be having very limited impact of inflation on India’s economy compared to world,” he added.