According to Revenue Secretary Sanjay Malhotra, increased compliance and decreased evasion are to blame for the 11% year-over-year increase in Goods and Services Tax (GST) collections for August 2023. The GST’s revenue in August 2022 was Rs 1,43,612 billion.
Details on GST revenue increases 11% year over year to Rs. 1.59 lakh crore
From the total amount of Rs 1.59 lakh crore that was collected in GST, Rs 28,328 crore went to CGST, Rs 35,794 crore went to SGST, Rs 83,251 crore went to IGST (including Rs 43,550 crore collected on import of goods), and Rs 11,695 crore went to cess (including Rs 1,016 crore collected on import of goods).
“The revenue for August 2023 is 11% greater than the GST income for the same month in the previous year. In comparison to the same month last year, the Finance Ministry reported that the revenue from imports of products was up 3% and the revenue from domestic transactions—which includes the import of services—was up 14% during the month.
Despite an increase year over year in GST collections, there has been a decrease compared to what was collected in June and July.
The combined GST revenue collected by the federal and state governments in July 2023 totaled Rs 1.65 lakh crore, an increase of 11% over the same period in the previous year. The entire amount of GST collected in June 2023 was Rs. 1.61 lakh crore.
It should be remembered that the government anticipates raising more than Rs 9.50 lakh crore under GST during the current fiscal year, which runs through March 2024.