GST Collections of India up 11% to Rs.1.6 Lakh Crore in August 2023

India’s yearly goods and services tax revenue collected increased 11% to Rs.1.60 lakh crore in August, according to revenue secretary Sanjay Malhotra on Friday.

“Roughly, the numbers are in the range of 11% year on year growth as in previous months,” Malhotra added. In August 2022, the Goods and Services Tax (GST) revenue was Rs.1,43,612 crore.

He was responding to a question on the expected GST income estimates for August, which would be revealed later on Friday.

According to Malhotra, GDP growth in the June quarter was 7.8 percent, with nominal increase of 8%.

“GST revenues increased by more than 11% in the June quarter.” This corresponds to a tax-to-GDP ratio of more than 1.3, according to Malhotra.

Malhotra stated that despite no rise in tax rates, GST Collections had increased by more than nominal GDP. This is due to greater compliance and tax collecting efficiency. Tax evasion and avoidance are rare.

In July, India’s Goods and Services Tax (GST) collection reached at Rs 1.65 lakh crore, up 11% over the previous year.

With the arrival of the holiday season, greater consumer spending on houses, automobiles, holidays, and other consumer goods may result in higher monthly GST revenues.