August GST revenues soar 11% YoY to Rs. 1.6L crore
The Goods and Services Tax (GST) revenues for August 2023 in India have hit approximately Rs. 1.6 lakh crore. This marks a year-on-year (YoY) growth of roughly 11%. Revenue Secretary Sanjay Malhotra has attributed this increase to enhanced compliance and diminished evasion. To recall, GST was implemented on July 1, 2017, and states were guaranteed compensation for any revenue loss due to the new tax system for five years.
Major states reported double-digit growth in July
In July 2023, several large states reported double-digit revenue growth in GST collection. These include Haryana, Punjab, Delhi, Uttar Pradesh, Maharashtra, Tamil Nadu, and Karnataka. While Delhi's GST revenue surged by 25% to Rs. 5,405 crore, Uttar Pradesh witnessed an increase of 24%, totaling Rs. 8,802 crore. The state-wise GST revenue data for August is yet to be released.
GST revenue breakdown for June
The gross GST revenue for June 2023 amounted to Rs. 1,61,497 crore. This was distributed among the Central GST of Rs. 31,013 crore and the State GST of Rs. 38,292 crore. There was also integrated GST (Rs. 80,292 crore, with Rs. 39,035 crore from imported goods), and cess (Rs. 11,900 crore, including Rs. 1,028 crore from imported goods).
