NEW DELHI: Goods and Services Tax collection for the month of August was recorded at Rs 1,43,612 crore, which is 28 per cent higher as compared to the same month last year, but lower than Rs 1,48,995 crore collected in July. Monthly GST revenue collections have been more than Rs 1.4 lakh crore for six months in a row now.
Of the total collected GST in August, Rs 24,710 crore was part of CGST, Rs 30,951 crore SGST, Rs 77,782 crore IGST (including Rs 42,067 crore collected on import of goods) and cess Rs 10,168 crore, data showed. “The growth in GST revenue till August 2022 over the same period last year is 33 per cent, continuing to display very high buoyancy,” a government statement said on Thursday.
This, the statement said, is a clear impact of various measures taken by the GST Council in the past to ensure better compliance. “Better reporting, coupled with economic recovery, has been having a positive impact on the GST revenues on a consistent basis. During the month of July 2022, 7.6 crore e-way bills were generated, which was marginally higher than 7.4 crore in June 2022 and 19 per cent higher than 6.4 crore in June 2021,” it added.
It is pertinent to note that the GST revenue collection crossed the Rs 1.5 lakh crore mark for the first time in April at Rs 1.68 lakh crore.
The GST regime completed five years recently. The government, through the GST taxation system, intended to bring in uniform taxes across the country, besides transparency, accountability, and a simpler registration process.
The GST was introduced in the country on July 1, 2017, and states were assured of compensation for loss of any revenue arising on account of implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for a period of five years.
For providing compensation to states, cess is being levied on certain goods and the amount of cess collected is being credited to Compensation Fund. Compensation to states is being paid out of the Compensation Fund with effect from July 1, 2017.
At the latest GST Council meeting held in Chandigarh, several states have sought an extension of the compensation at least for a few years, if not for five years. Any formal decision on it, if at all, is yet to be taken. (ANI)