Rs 1,43,612 crore gross GST revenue was collected in the month of August 2022. The Revenues for the month of August 2022 are 28% higher than the GST revenues in the same month in 2021. Monthly Goods and service tax revenues of more than Rs 1.4 lakh crore for six months in a row.
The Gross GST Revenue in the Month of August 2022
- Rs 1,43,612 crore from which CGST stood at Rs 24,710 crore, SGST stood at Rs 30,951 crore, IGST is
- Rs 77,782 cr along with Rs 42,067 cr made through importing the goods and the cess stood at Rs 10,168 cr along with Rs 1018 cr made via goods import.
From the IGST, the government settled Rs 29,524 cr for CGST, and for SGST Rs 25,119 cr has been settled. For the month of August 2022, the sum of revenue of the Centre and the States post regular settlement would be stood at Rs 54,234 cr for CGST and Rs 56,070 crores to SGST.
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From the IGST, the government settled Rs 29,524 cr for CGST, and for SGST Rs 25,119 cr has been settled. For the month of August 2022, the sum of revenue of the Centre and the States post regular settlement would be stood at Rs 54,234 cr for CGST and Rs 56,070 crores to SGST.
In August 2022, How much Revenue Increased?
There is a 28% increase in the revenues for the month of August 2022 as compared to the same month’s former year which was Rs 1,12,020 cr. In the same month, the revenues made by the import of goods were 57% more, and the revenues via domestic transactions along with the service import would be 19% more as compared to the revenues through these sources in the identical month’s former year.
For consecutive 6 months in a row, the GST revenue, monthly wise, would stand at more than Rs 1.4 lakh cr. There is a 33% growth seen in the GST revenue till August 2022 over the same duration as the previous year, maintaining showing the higher buoyancy. The same would be influenced by the measure that the council takes in the former times to have effective compliance.
Good reporting associated with the economic recovery would render a favourable impact on the GST revenue within constant grounds. There is a generation of 7.6 cr e-way bills seen in the month of July 2022, which was much more compared to the 7.4 crores in June 2022 and 19% more than 6.4 crores in June 2021.
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The below-drawn chart specifies the direction of the monthly gross GST revenues in the present year. In the table, a state-wise figure of the GST incurred in every state in August 2022 with respect to August 2021 is represented.
