Akash Jha
The Ministry of Finance reported on September 1 that GST receipts for the month of August increased 10.8 percent from the same month last year, totaling Rs 1.59 lakh billion.
It is the sixth month in a row that the monthly mop-up has come in above the Rs 1.5-lakh-crore level, with August’s revenues of Rs 1.59 lakh crore being 3.7% lower than the Rs 1.65 lakh-crore collected in July.
In the current fiscal year, the Centre projects a 12 percent increase in GST receipts, as outlined in its Budget for 2023-24.
Source: Ministry of Finance
Total GST was Rs 83,251 crore, including compensatory cess of Rs 11,695 crore. Central GST was Rs 28,328 crore, State GST was Rs 35,794 crore, and Integrated GST was Rs 83,251 crore.
The August Integrated GST settlement included payments of Rs 37,581 crore to Central GST and Rs 31,408 crore to State GST. Therefore, after settlement, the Central Government received Rs 65,909 crore and the State Government received Rs 67,202 crore in GST revenue for the month.
“During the month, revenue from import of goods was 3 percent higher and the revenues from domestic transactions (including import of services) are 14 percent higher than the revenues from these sources during the same month last year,” the finance ministry stated.
Lukzer Engineered Wood Computer Desk with One Tier Shelves Laptop Study
SUNNYCRAFT Modern Simple Style PC Computer Study Writing Wood Office Desk
“These GST collections, coming in the backdrop of the good GDP growth in the first quarter heralds the onset of the festive season where consumption increases occur,” said MS Mani, partner at Deloitte India.
All major producing and consuming states have reported increases of 10%-23%, Mani said, suggesting that the rise in domestic consumption is being felt across the board.
Also read:-Kahan Packaging IPO to open on September 6, issue price at Rs 80 per share
New estimates for GST show that 2023-24 will see monthly average collections of Rs 1.66 lakh crore.
The amount of GST collected each month has increased over time. After a slow start in its inaugural year (2017–18), when monthly receipts averaged less than Rs 1 lakh crore, they skyrocketed in the years after the epidemic, averaging Rs 1.51 lakh crore in 2022–23.
