01-Sep-2023
2 mins read
The Goods and Services Tax (GST) collection data for August 2023 reveals a noteworthy growth of 11% compared to August 2022. This positive trend reflects a substantial increase in revenue, with collections for the month reaching around Rs 1.6 lakh crore.
Consistent Growth in Fiscal Year 2023
The August GST collections align with the average figures recorded throughout the fiscal year. This stability in revenue collection indicates a resilient economic landscape.
Revenue Secretary’s Insights
Revenue Secretary Sanjay Malhotra shared key insights, highlighting that GDP growth stood at 7.8% in the June quarter, and nominal GDP has grown by 8%. These economic indicators provide valuable context for the GST collection figures.
July’s Strong GST Performance
During the month of July 2023, the collective GST revenue collected by both the central and state governments reached an impressive Rs 1.65 trillion. This substantial figure represents an 11% surge when compared to the corresponding period in the preceding year. The growth in GST revenue signifies a resilient and thriving economic environment.
Delhi’s Remarkable Growth: Delhi witnessed a remarkable 25% annual growth in GST revenue in July, reaching Rs 5405 crore.
Uttar Pradesh’s Surge: Uttar Pradesh reported a significant 24% surge in revenue, totalling Rs 8802 crore for the same month.
June 2023 GST Revenue Breakdown
In June 2023, the total GST revenue reached Rs 1,61,497 crore, comprising:
CGST at Rs 31,013 crore.
SGST at Rs 38,292 crore.
IGST at Rs 80,292 crore (including Rs 39,035 crore from imports).
Cess at Rs 11,900 crore (including Rs 1,028 crore from imports).
‘Mera Bill Mera Adhikar’ GST Lucky Draw Program
The Central government recently initiated the ‘Mera Bill Mera Adhikar’ GST lucky draw program in six states and Union Territories. This program has received a combined fund allocation of Rs 30 crore for the fiscal year and aims to incentivise consumers to participate by submitting their GST invoices through a lottery-style draw.
Rewards under the scheme include:
- Two quarterly prizes of Rs 1 crore each.
- Ten monthly prizes of Rs 10 lakh each.
- 800 monthly prizes of Rs 10,000 each.
The scheme’s corpus is estimated at Rs 30 crore for a period of 10 months, which will be contributed by the Centre and states equally.
In conclusion, the GST collection data for August 2023 presents a notable achievement with an impressive 11% year-on-year growth, showcasing the resilience and strength of India’s economic landscape. This growth, when compared to the collections in August 2022, which stood at Rs 1.4 lakh crore, highlights the substantial increase in revenue, bringing this month’s collections to around Rs 1.6 lakh crore. This performance is consistent with the overall trend of robust GST collections observed throughout the fiscal year. These positive indicators signal a promising outlook for India’s economy in the coming months.