August month GST collection record up 28% at Rs.1.44 lakh crore
The finance ministry has released the official data on 1st September 2022 that, the collection of gross GST revenue for the month of August 2022 recorded at Rs 1,43,612 crore which is the spike of 28% on a year-on-year basis.
After recording the monthly GST revenues for the month of August it is showing the collection to be surmounted Rs 1.4 lakh crore for six months in a row.
Bifurcation of total collection of GST:
The Centre has registered the GST collection of August 2022 in this way where CGST recorded at Rs 29,524 crore and Rs 25,119 crore to SGST from IGST.
The total revenue of the Centre and the States in the month of August after the regular settlement is standing at Rs 54,234 crore for CGST and Rs 56,070 crore for the SGST.
In August, the revenues from import of goods have up 57% and the revenues from domestic transactions (including import of services) have up 19% from the revenues from these sources during the same month last year.
Reason behind growth of GST:
Better economic recovery is the main reason of having positive impact on the GST revenues on a consistent basis.
The Government of India has generated around 7.6 crore e-way bills during the month of July 2022 and this effect positively in generation of revenues in the month for August. These enhanced revenues shows in collection of GST revenues of August 2022.
The GST collection for the month of July 2022 was recorded at Rs 1.49 lakh crore which is the second-highest level since the introduction of GST in July 2017.
Question & Answer:
Q1. How much lakh crore of GST collection registered for the month of August 2022?
Ans. Rs 1,43,612 crore
Q2. Which ministry released the data of collection GST of every month?
Ans. Finance Ministry
Q3. How much percent growth is seen in collection of August to year on year basis?