For six months running, the GST has generated more than Rs 1.4 lakh crore in revenue. The Ministry of Finance announced in a statement that Rs 1,43,612 crore was collected for the month of August. It further said that revenues for August was 28 percent higher than the GST revenues in the same month last year.
Gross GST revenue for August was Rs. 1,43,612 crore, of which Rs. 24,710 crore came from CGST, Rs. 30,951 crore from SGST, Rs. 77,782 crore from IGST, including Rs. 42,067 crore from goods imports, and Rs. 10,168 crore from cess, including Rs. 1,018 crore from goods imports.
According to the ministry, it paid Rs 29,524 crore to the CGST and Rs 25,119 crore to the SGST from the IGST. After regular settlement, the Center's entire revenue was Rs 54,234 crore while the States' total revenue was Rs 56,070 crore.
The GST collections in August of previous year were Rs 1,12,020 crore, which is 28% less than August of this year. In comparison to the same month last year, the revenue from imports of products was 57% higher and the revenue from domestic transactions, which includes the import of services, was 19% higher.
For the past six months, monthly GST collections have exceeded Rs 1.4 lakh crore.
"GST revenue has increased by 33% over the same period last year through August, continuing to show very high buoyancy. This is an obvious result of the numerous actions the Council has taken in the past to achieve greater compliance. The economic rebound and improved reporting have consistently had a favourable influence on GST revenues. According to the ministry, 7.6 crore e-way bills were created in July 2022, which was slightly more than the 7.4 crore created in June 2022 and 19% more than the 6.4 crore created in June 2021.
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