The Goods and Services Tax revenue collection for August stood at Rs 1,43,612 crore, 28% higher for the same month last year, the Union finance ministry said on Thursday.
The tax revenue has been above Rs 1.40 lakh crore for six months. However, August’s collections are lower than July’s Rs 1.49 lakh crore. The highest monthly GST collection of Rs 1.67 lakh crore was recorded in April.
Revenues collected from import of goods increased by 57% while domestic transactions and import of services yielded 19% higher taxes than August 2021, the finance ministry said in a statement.
The finance ministry also said that growth in revenue is “continuing to display very high buoyancy” as the GST collections have risen 33% till August this year compared to the same period last year.
“Better reporting coupled with economic recovery has been having positive impact on the GST revenues on a consistent basis,” the ministry said.
Of the total revenue in August, the central GST component amounted to Rs 24,710 crore and state GST to Rs 30,951 crore. Revenue generated from integrated GST stood at Rs 77,782 crore, while those from GST cess amounted to Rs 10,168 crore.
The states which recorded the highest growth in GST revenues compared to last month included Mizoram (78%), Goa (32%), Maharashtra (24%), Haryana (21%), Delhi (21%), Punjab (17%), and Gujarat (15%).
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