GST revenue reached Rs 1.59 lakh crore in August, marking an 11% increase compared to the same period last year. This growth can be attributed to enhanced compliance and a decrease in tax evasion, as stated by Revenue Secretary Sanjay Malhotra. In August 2022, the GST collection amounted to Rs 1,43,612 crore.
Breaking down the August figures, CGST contributed Rs 28,328 crore, SGST accounted for Rs 35,794 crore, IGST reached Rs 83,251 crore (including Rs 43,550 crore from imports), and cess added up to Rs 11,695 crore (including Rs 1,016 crore from imports).
The Finance Ministry affirmed, “The revenues for August 2023 have surged by 11% compared to the same month last year. Import revenue experienced a 3% boost, and domestic transactions, including import of services, recorded a remarkable 14% increase compared to the corresponding period last year.”
However, it’s worth noting that while GST collections demonstrated year-on-year growth, there was a decline when compared to the collections in June and July.
In July 2023, the combined GST revenue for the central and state governments amounted to Rs 1.65 lakh crore, reflecting an 11% increase from the previous year. In June 2023, the total GST collection stood at Rs 1.61 lakh crore.
It’s essential to emphasize that the government has set an ambitious target of collecting over Rs 9.50 lakh crore through GST in the current financial year, ending in March 2024.