GST collection in august grows 11% YoY to about ₹1.6 lakh Cr: According to Sanjay Malhotra, the Revenue Secretary, the Goods and Services Tax (GST) revenues for August 2023 have increased by 11% year over year as a result of better compliance and less evasion. The GST’s total revenue in August 2022 was 1,43,612 crore.
“Roughly numbers are in the range of 11 per cent year on year growth as in earlier months,” Malhotra told reporters as quoted by PTI. A 11 per cent growth roughly translates to around ₹1.60 lakh crore. When asked about the anticipated GST revenue figures for August—data for which will be made public later—Malhotra responded.
The GST revenue collected earlier in July by the Central and state governments was Rs 1.65 trillion, an increase of 11% from the same time last year. Major state economies in Punjab, Haryana, Delhi, Uttar Pradesh, Maharashtra, Karnataka, and Tamil Nadu all experienced double-digit revenue growth. Uttar Pradesh reported a 24 percent increase in revenue at 8802 crore, while Delhi saw a 25% annual improvement at 5405 crore.
Gross GST revenue was Rs 1,61,497 in June 2023, of which CGST was Rs 31,013 in, SGST was Rs 38,292 in, IGST was Rs 82,292 in (including Rs 39,035 in revenue from the import of goods), and cess was Rs 11,900 in (including Rs 1,028 in revenue from the import of goods). The country implemented the Goods and Services Tax on July 1, 2017, and states were guaranteed compensation for any revenue losses resulting from the implementation of GST under the terms of the GST (Compensation to States) Act, 2017 for a five-year period.
GST Collection in previous years (2017 onwards till 2022)
|Year||GST Collection (Rs In Crores)|
Contribution to GST Revenue from Various Business Types
GST collection sector has been provided by the government yet, however, below is the collection breakup as per the constitution of the business.
|Business type||Percentage of GST Collection|
|Public Ltd. Company||34.83%|
|Private Ltd. Company||27.94%|
|Public Sector Undertaking||9.64%|
|Society/ Club/ Trust/ AOP||1.38%|
|Limited Liability Partnership||1.18%|
|Hindu Undivided Family||0.25%|
|Foreign Limited Liability Partnership||0.00%|
|Any other body notified by committee||0.00%|
Madhya Pradesh, Karnataka and Uttar Pradesh topped the list of States with the highest growth rate in Goods and Services Tax (GST) collections in the first 8 months of the current fiscal compared to the same period last year. Higher growth seems to be led by growth in consumption, large population, higher purchasing power and improved compliance.
Within the sample States, Madhya Pradesh clocked 21 per cent y-o-y growth in GST collections during April-July. Madhya Pradesh is an agrarian economy with 35 per cent share of gross value added (GVA) coming from agriculture and allied sectors. Higher realisation from farm produce could have led to increased rural spending in the State.
It was followed by Karnataka (20 per cent) and Uttar Pradesh (19 per cent). India’s first and second largest economies- Maharashtra and Tamil Nadu – pencilled a growth rate of 18 per cent. Surprisingly, the industrially rich Gujarat saw only 6 per cent growth in GST collections. Andhra Pradesh, Rajasthan, and Chhattisgarh also recorded single digit growth in GST collections.
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