GST revenue likely to be 11% higher in August on y-o-y basis: Revenue Secretary
The gross GST revenue for July, 2023 had shown a meagre rise by 2% to Rs 1,65,105 crore as against Rs 1,61,497 crore collected in June, 2023
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New Delhi: Even as the goods and services tax collections figures for August 2023 are to be released on Friday, the Centre has said that GST revenues for the month have shown 11 per cent growth over August 2022.
Revenue secretary Sanjay Malhotra told reporters in Gurugram on the sidelines of an event, that GST revenues for August 2023 have shown a growth of 11 per cent year on year due to increased compliance and less evasion.
The GST collections were Rs 1,43,612 crore in August 2022.
"Roughly numbers are in the range of 11 per cent year on year growth as in earlier months," Malhotra told reporters.
The gross GST revenue for July, 2023 had shown a meagre rise by 2 per cent to Rs 1,65,105 crore as against Rs 1,61,497 crore collected in June, 2023.
"GST revenues during June quarter grew by more than 11 per cent. This translates into a tax:GDP ratio of more than 1.3," Malhotra said further.
Malhotra said GST collections have grown by more than nominal GDP and this is despite no increase in tax rates.
