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GST collection moves up 11 pct in August

GST collection moves up 11 pct in August

| @indiablooms | 01 Sep 2023, 05:36 pm

Goods and services tax (GST) collection rose 11% year-on-year (YoY) to Rs 1,59,069 crore in August 2023, according to data released by Finance Ministry on Friday.

"The gross GST revenue collected in the month of August 2023 is Rs 1,59,069 crore of which CGST is Rs 28,328 crore, SGST is Rs 35,794 crore, IGST is Rs 83,251 crore (including Rs 43,550 crore collected on import of goods) and Cess is Rs 11,695 crore (including Rs 1,016 crore collected on import of goods)," Finance Ministry said in an official release.

During the month of August, the government settled Rs 37,581 crore to CGST and Rs 31,408 crore to SGST from IGST. The total revenue of Centre and the States in the month of August, 2023 after regular settlement was Rs 65,909 crore for CGST and Rs 67,202 crore for the SGST.

During the month of August, revenue from import of goods was 3% higher and the revenue from domestic transactions (including import of services) was 14% higher than the revenues from these sources during the same month last year.

(With UNI inputs)

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