The monthly GST collection for August 2022 is Rs.1,43,612 crores. The figure is 28% higher in comparison to August 2021, says the press release by the Ministry of Finance dated 1st September 2022. The government had recorded revenues for August 2021 at Rs.1,12,020 crores.
The cumulative CGST amounts to Rs.24,710 crores, whereas the SGST totals up to Rs. 30,951 crores. The IGST has amounted to Rs.77,782 crores, including a tax on imported goods amounting to Rs.42,067 crores. Further, the cess collected is worth Rs.10,168 crores, which includes Rs.1,018 crores accumulated on the import of goods.
GST settlement by the Centre works out to Rs.29,524 crores towards CGST and Rs.25,119 crores towards SGST out of the total IGST collection. The cumulative GST revenue of the Centre and all states for August 2022 after the regular settlement works out to Rs.54,234 crores towards CGST and Rs.56,070 crores towards SGST.
The numbers indicate a constantly growing trend of GST revenue for the past six months of more than Rs.1.4 lakh crore. The press release further mentions that the GST revenue growth till August 2022 over the same duration in the previous year is 33% indicating a high buoyancy.
Import of goods made monthly GST collections of 57% more. In contrast, the domestic numbers and service imports saw a 19% growth compared to the revenues from the same sources for August 2021.
These numbers directly impact several revenue-boosting measures taken by the GST Council over the last few meetings to ensure improved compliance. Adequate reporting and economic recovery positively and consistently impact GST revenues. In July 2022, taxpayers across India generated 7.6 crore e-way bills. It was marginally more than 7.4 crore e-way bills in June 2022. Further, it was 19% more than 6.4 crore e-way bills in July 2021.
On the flip side, there is a considerable drop in the revenue of August 2022 compared to the last month, which recorded a revenue of Rs.1,48,995 crores. States/UT such as Mizoram, Ladakh, Goa and Karnataka top the charts for posting higher percentage growth on a Year-on-Year (Y-o-Y) basis. Whereas states/UT like Lakshadweep, Andaman & Nicobar Islands, Manipur posted negative numbers Y-o-Y basis.
Earlier in the day, a spokesperson from the Finance Ministry claimed that the monthly GST revenue for August 2022 would be more than Rs.1.42 lakh crore. The government attributes the growth to robust car sales during the past few tax periods. Further, the spokesperson said that the collections strongly suggest that the Indian economy’s growth momentum has sustained beyond Q1 of FY 2022-23. Anti-evasion measures have provided a much-needed boost to the GST revenue augmentation objective. Hence, the rising GST revenue numbers mirror a consistently growing Indian economy.
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Annapoorna, popularly known as Anna, is an aspiring Chartered Accountant with a flair for GST. She spends most of her day Singing hymns to the tune of jee-es-tee! Well, not most of her day, just now and then.