GST collection in August rises 11 pc year-on-year to Rs 1.6 lakh crore
NEW DELHI:
The gross Goods and Services Tax revenue collected in the month of August was Rs 159,069 crore, official data from the Ministry of Finance showed on Friday.
The monthly revenue is 11 per cent higher than the collection the same month the previous year.
Of the total collection, CGST was Rs 28,328 crore, SGST was R 35,794 crore, IGST Rs 83,251 crore and cess is Rs 11,695 crore.
Notably, in April, the gross GST collection was at an all-time high of Rs 187,035 crore.
In the entire financial year 2022-23, the total gross GST collection stood at Rs 18. 10 lakh crore and the average gross monthly collection for the full year is Rs 1.51 lakh crore. The gross revenues in 2022-23 were 22 per cent higher on a yearly basis.
Over the last few years, various efforts have been made to increase the tax base and improve compliance.
Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for a period of five years. (ANI)
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