Annual GST collection saw a massive 11% jump in August
GST Latest News: After UPI recorded 10 Billion transactions in the month of August for the first time, the government achieved another milestone with the record collection of Goods and Services Tax (GST) in August 2023. According to Revenue Secretary Sanjay Malhotra, GST collection grew by 11% in August 2023, totaling over Rs 1.60 lakh billion. GST revenue in July 2022 was Rs 1,65,105 crore, according to the Finance Ministry.
Big Jump in GST for the 5th time
This is the fifth time that GST revenue has exceeded Rs 1.60 lakh crore. In August 2022, commodity GST collection was Rs 1,43,612 crore. In the month of August, the CGST was Rs 28,328 crore, the SGST was Rs 35,794 crore, and the IGST was Rs 83,251 crore. A total amount of Rs 11,695 crore was collected as cess. The government settled Rs 37,581 crore as CGST and Rs 31,408 crore as SGST from IGST in August. According to Revenue Secretary Sanjay Malhotra, the GDP growth rate in the June quarter was 7.8 percent with an 8 percent increase.
