The total GST revenue collected in August 2022 has increased by 28 percent from the previous year. According to figures released today (Thursday), August GST was Rs. 1,43,612 crore. Of this, 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 August 2022 revenue is 28 per cent higher than last year’s GST revenue of Rs. 1,12,020 crore. GST Collection: Rs.1,43,612 crore in August: 28% increase compared to August 2021
Monthly GST revenue has exceeded Rs. 1.4 lakh crore for six consecutive months. GST revenue growth till August 2022 is 33 per cent over the same period last year. This is a clear consequence of various measures taken by the Council in the past. The government said in a statement that the good report coupled with the economic recovery is positively impacting GST revenue on a consistent basis. GST Collection: Rs.1,43,612 crore in August: 28% increase compared to August 2021
In August, the government settled Rs. 29,524 crore for CGST and Rs. 25,119 crore for SGST from IGST. The total revenue of Center and States in August 2022 after regular settlement is Rs.54,234 crore for GST and Rs.56,070 crore for SGST.
During the month, revenue from import of goods increased by 57 percent and revenue from domestic trade (including import of services) increased by 19 percent over revenue from these sources in the same month last year.
Data released on Wednesday showed that the Indian economy expanded by 13.5 percent year-on-year in the April-June quarter. But economists expect growth to lose momentum in the coming quarters as higher interest rates and a global slowdown slow domestic economic activity.
The Reserve Bank of India (RBI) has raised its benchmark repo rate by 140 basis points since May, including 50 basis points last month.