GST collection surges 28%

Mumbai : India’s tax collection from the sale of goods and services soared 28 per cent to Rs 1.43 lakh crore in July aided by rising demand, higher rates, and greater compliance.The GST collection remained above the Rs 1.4-lakh-crore mark for the sixth straight month in August and the ensuing festival season will help continue the trend. Better reporting coupled with economic recovery has have a “positive impact on the GST revenues on a consistent basis”, the finance ministry said in a statement.The gross GST revenue collected in August 2022 is Rs 1,43,612 crore of which CGST is Rs 24,710 crore, SGST is Rs 30,951 crore, IGST is Rs 77,782 crore (including Rs 42,067 crore collected on import of goods) and cess is Rs 10,168 crore (including Rs 1,018 crore collected on import of goods), the ministry said.The revenues for the month of August 2022 are 28 per cent higher than the GST revenues of Rs 1,12,020 crore collected in August 2021. “The growth in GST revenue till August 2022 over the same period last year is 33 per cent, continuing to display very high buoyancy. This is a clear impact of various measures taken by the Council in the past to ensure better compliance,” the Ministry said.The collection in August is, however, lower than Rs 1.49 lakh crore collected in July. The mop up was at a record high of Rs 1.67 lakh crore in April.