2023-09-01 07:31:04
GST collection had seen a similar annualised jump in July, at Rs 1.65 lakh crore.
Of the Rs 1.59 lakh crore in August, CGST component was Rs 28,328 crore, SGST Rs 35,794 crore, IGST Rs 83,251 crore (including Rs 43,550 crore collected on import of goods) and cess Rs 11,695 crore (including Rs 1,016 crore collected on import of goods).
The Centre settled Rs 37,581 crore to CGST and Rs 31,408 crore to SGST from IGST. “The total revenue of Centre and the state governments in the month of August 2023 following regular settlement is Rs 65,909 crore for CGST and Rs 67,202 crore for the SGST,” the ministry said in its release.
Data shows that revenue from the import of goods in August was 3 per cent higher and the revenues from domestic transactions (including import of services) were 14 per cent higher than the revenues from these sources during the same month last year.
With the onset of festival season, the increased consumer spending for homes, cars, vacations, and other consumer items may also ensure higher monthly GST collections.
Economic Advisory Council to the Prime Minister (EAC-PM) Chairman Bibek Debroy recently said the government was losing revenue due to the GST, which should be revenue neutral with a single rate.
“The ideal GST is one that has a single rate, and it was meant to be revenue neutral. When it was introduced, there were some calculations by the Ministry of Finance then that said, in order to be revenue neutral, the average GST rate must be at least 17 per cent.
“The average rate now is 11.4 per cent. So because of GST, the government is losing revenue,” the eminent economist said.
(With inputs from agencies)
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