Data Alert: GST mop-up rises 11% on year to 1.59 trln rupees in Aug

Data Alert: GST mop-up rises 11% on year to 1.59 trln rupees in Aug

Informist, Friday, Sep 1, 2023

 

--India Aug total GST collections up 11% on year 
--States' Aug GST revenue post-settlement 672 bln rupees 
--Centre's Aug GST revenue post-settlement 659 bln rupees 
--India Aug GST cess mop-up 117 bln rupees vs 118 bln Jul 
--India Aug Integrated GST mop-up 833 bln rupees vs 859 bln Jul 
--India Aug State GST mop-up 358 bln rupees vs 376 bln Jul 
--India Aug Central GST mop-up 283 bln rupees vs 298 bln Jul 
--India Aug total GST mop-up 1.591 trln rupees vs 1.651 trln Jul 
 

NEW DELHI - India's goods and services tax collections grew 11% on year to 1.591 trln rupees in August, the finance ministry said today.

 

In July, the GST collections were at 1.651 trln rupees. On a month-on-month basis, GST collections fell by 3.6% in August. 

 

At an event earlier in the day, Revenue Secretary Sanjay Malhotra had said GST collections in the month of August grew roughly at 11% on year in line with the trend seen in the first four months of 2023-24 (Apr-Mar). Lauding the growth in GST collections, Malhotra said Apr-Jun nominal GDP data released on Thursday showed that for the quarter, GST buoyancy was at 1.3.

 

Of the total collections during August, 283 bln rupees were from central GST, 358 bln rupees from state GST, 833 bln rupees from integrated GST, and 117 bln rupees from compensation cess, the ministry said in a release.

 

From the integrated GST collections, the government settled 376 bln rupees to the central GST and 314 bln rupees to state GST in August, the ministry said. Post settlement, the revenues of the Centre were at 659 bln rupees in August, while those of states were at 672 bln rupees.

 

During the month, revenues from domestic transactions, including import of services, were 14% higher year-on-year, the release said. 

 

"The stabilised growth in GST collections brings beaming relief for the economy. With approaching festive season, these collections are expected to only better in the coming months," Abhishek Jain, partner and national head, Indirect Taxes, KPMG said.  End

 

Reported by Priyasmita Dutta

Edited by Vandana Hingorani

 

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

Informist Media Tel +91 (11) 4220-1000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2023. All rights reserved.