GST collection grew by 11% YoY to around Rs. 1.6 trillion (US$ 19 billion) in August: Government
- IBEF
- September 4, 2023
According to the Revenue Secretary Mr. Sanjay Malhotra, the August 2023 goods and services tax (GST) collections have increased by 11% year-over-year as a result of increased compliance and lower evasion.
In August 2022, the collection from GST was Rs. 1,43,612 crore (US$ 17.36 billion).
A rise of 11% equates to around Rs. 1.60 lakh crore (US$ 19 billion) in August 2023 and results in a tax-to-GDP ratio of more than 1.3.
Mr. Sanjay Malhotra said that despite no rise in tax rates, GST collections have increased by more than nominal GDP. Better compliance and more effective tax collection are the reasons behind this.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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