GST collections above Rs. 1.4 trillion (US$ 17.58 billion) for sixth consecutive month
- IBEF
- September 2, 2022
For the sixth consecutive month, GST (Goods and Services Tax) collections exceeded Rs. 1.4 trillion (US$ 17.58 billion), coming in at Rs. 1.43 trillion (US$ 17.96 billion). Collections grew 28% YoY to due to improved compliance, a rebound in spending, and higher inflation. In August 2021, the GST collected was Rs. 1.12 trillion (US$ 14.07 billion).
However, from the Rs. 1.49 trillion (US$ 18.71 billion) collected in July, indirect tax income saw a slight month-over-month decline. Despite the introduction of the GST on pre-packaged food items in July, there was a decrease in collection compared to the previous month.
The central GST was worth Rs. 24,710 crore (US$ 3.1 billion) and the state GST was worth Rs. 30,951 crore (US$ 3.88 billion) of the total GST collected. A total of Rs. 77,782 crore (US$ 9.77 billion) in integrated GST was collected during the month, including Rs. 42,067 crore (US$ 5.28 billion) from the import of commodities.
The Union Government paid Rs. 29,524 crore (US$ 3.7 billion) to CGST and Rs. 25,119 crore (US$ 3.15 billion) to SGST from the IGST collected. With this, the Center's and the States' combined revenue reached Rs. 54,234 crore (US$ 6.81 billion) and Rs. 56,070 crore (US$ 7.04 billion), respectively.
Around 76 million e-way bills were produced in July, which is a little increase over the 74 million produced in June and a 19% increase over the 64 million produced in July 2021.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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