Home / Economy / August GST receipts to cross 1.42 trillion

NEW DELHI : Goods and Services Tax (GST) collections for August is estimated to cross 1.42 trillion, growing by 27% from the same time a year ago, department of economic affairs secretary Ajay Seth said at a briefing.

With August collections, GST revenue receipts of central and state governments would be crossing the Rs. 1.4 trillion mark for six successive months since March 2022. Final GST collection figures are released on the first day of every month.

An official statement issued by the finance ministry after the first quarter GDP growth numbers were released on Wednesday said that GST revenue growth is supported by robust growth in economic activity along with various measures undertaken to prevent anti-evasion activities and to encourage better compliance.

“The sustained growth in GST collections indicates that the growth momentum of the Indian economy has sustained even beyond the first quarter of FY23," said the statement.

Also, volume of e-way bills or electronic permits for goods transportation in August registered annual growth of 15% to 7.56 crore, indicating robust domestic economic activity, the statement said.

Government’s cumulative capex up to July of FY23 has reached Rs. 2.1 trillion with an increase of 62.5% over the cumulative capex in the corresponding period of last year, the statement said.

During April-July period of 2022, fiscal deficit has narrowed to 20.5% of the budget estimates as compared to 21.3% in the corresponding period of the last year, the statement said.

Domestic auto sales crossed pre-pandemic level in spite of the semi-conductor shortage, registering annual growth of 11.5% in July which is indicative of improvement in demand conditions in urban and rural areas, the statement said.

Gireesh Chandra Prasad
Gireesh has over 22 years of experience in business journalism covering diverse aspects of the economy, including finance, taxation, energy, aviation, corporate and bankruptcy laws, accounting and auditing.
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