GST Collection August 2022

The GST Collection August 2022 once again breached the Rs.1.4 lakh crore mark. The Ministry of Finance issued a press release by on 1st September 2022. Read on to know more about the August GST collection.

August GST Collection in September 2022

The total GST Collection August 2022 is recorded at Rs.1,43,612 crores. The total CGST amounts to Rs.24,710 crores, whereas the SGST sums up to Rs. 30,951 crores. The total IGST collected is Rs.77,782 crores, including taxes on imported goods worth Rs.42,067 crores. Moreover, the cess totals up to Rs.10,168 crores, out of which Rs.1,018 crores is collected on the import of goods.

Out of the GST collection in August 2022, the settlement of IGST collection by the Central government happens to be Rs.29,524 crores for CGST and Rs.25,119 crores for SGST. The total GST Collection August 2022 of the Centre and all states after the regular settlement amounts to Rs.54,234 crores of CGST and Rs.56,070 crores of SGST.

Analysis of GST Collection August 2022

It is 28% higher compared to August 2021 since the government had reported Rs.1,12,020 crores as August 2021 GST collections. On the downside, there is a significant drop in the GST collection August 2022 compared to the previous month, which had Rs.1,48,995 crores of GST collection.

The numbers represent a consistently rising trend in the GST collections for the past six months of over Rs.1.4 lakh crore. The GST revenue growth till August 2022, during the same time last year, is 33%, signalling some stability.

Import of goods made more GST collections by 57%. The domestic figures and service imports grew by 19% compared to the collections from the same sources in August 2021.

The August GST collection in 2022 has directly impacted many revenue augmentation measures taken by the GST Council over the last few meetings to ensure improved compliance. Adequate reporting and economic recovery positively and consistently impact GST revenues. 

In July 2022, Indian businesses generated over 7.6 crore e-way bills. It was slightly higher than the 7.4 crores e-way bill count recorded in June 2022. Moreover, it was 19% higher than the 6.4 crores e-way bill count recorded in July 2021.

GST Collection August 2022 state-wise 

States or Union Territories such as Ladakh, Goa, Mizoram and Karnataka recorded the highest state-wise GST collections and posted higher growth Year-on-Year (Y-o-Y) basis. On the other hand, Lakshadweep, Manipur and Andaman & Nicobar Islands saw a drop, resulting in negative numbers Y-o-Y basis. Following is the list reproduced from the PIB’s press release dated 1st September 2022, giving Y-o-Y growth-

The government opined that the monthly collection growth is mainly due to the robust car sales since the last few tax periods. Anti-evasion measures have given a good boost to the GST revenue augmentation objective. Thus, it suggests that the Indian economy will grow sustainably even in the second quarter of FY 2022-23. 

Watch this space for September 2022 GST Collection.

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