GST collections in August rises 11% to over 1.59 lakh crore

GDP growth was 7.8% in the June quarter, and it has increased by 8% nominally.

The total GST income collected in August 2023 was $1,59,069, of which CGST was 28.328 billion, SGST was 35.794 billion, IGST was 83.251 billion (including 43.550 billion in revenue from the import of goods), and Cess was 11.695 billion (including 1.01 billion in revenue from the import of goods).

The government has paid 31,408 crores in SGST from IGST and 37,581 crores to CGST. After routine settlement, the total revenue for the CGST and SGST for the month of August 2023 is 65,909 crore for the Centre and 67,202 crore for the States.

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The August 2023 revenues are 11% greater than the GST revenues from the same month in the previous year. In comparison to the same month last year, the revenue from imports of products was up 3% and the revenue from domestic transactions, which includes the import of services, was up 14%.

Sanjay Malhotra, the revenue secretary, stated earlier on Friday that despite no rise in tax rates, GST collections have increased by more than the nominal GDP. Better compliance and more effective tax collection are to blame for this. Tax avoidance and evasion are uncommon.

GDP growth was 7.8% in the June quarter, and it has increased by 8% nominally.

The GST fortunate draw “Mera Bill Mera Adhikar” scheme, for which the Central and state governments have set aside a Rs 30-crore corpus for this fiscal for the reward scheme, was introduced by the Center on Friday in six states and Union Territories.

The ‘Mera Bill Mera Adhikar’ GST fortunate draw is being tested out in six states, according to Revenue Secretary Malhotra, and both the Center and the States will contribute equally to the prize money.

“Citizens, customers, and governments have benefited from GST. Every month, revenues rise, and the federal government and the states have joined forces to bring down tax rates under the GST, the speaker said.

The Mera Bill Mera Adhikar scheme was introduced by the government on Friday. It will be tested in Assam, Gujarat, Haryana, and the UTs of Puducherry, Dadra Nagar Haveli, and Daman & Diu beginning on September 1.

There will be 810 lucky draws each month. There will be two large lucky draws every three months.

The monthly draws comprise 10 draws with prizes of Rs. 10 lakh each and 800 lucky draws on GST bills with prizes worth Rs.

The bumper draw would be Rs 1 crore per quarter.

According to Malhotra, “People should know that GST invoice is their right and that it is necessary for after-sales service.” In order to raise awareness, the government has introduced this program.