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IndiaGST revenues grow 11% to about Rs 1.6 lakh crore in August

GST revenues grow 11% to about Rs 1.6 lakh crore in August

Date:

NL Corresspondent

The GST revenues for August 2023 have shown a growth of 11 per cent year on year due to increased compliance and less evasion, Revenue secretary Sanjay Malhotra said on Friday. The collection from Goods and Services Tax (GST) was Rs 1,43,612 crore in August 2022.

“Roughly numbers are in the range of 11 per cent year on year growth as in earlier months,” Malhotra told reporters. A 11 per cent growth roughly translates to around Rs 1.60 lakh crore.

He was replying to a question on the expected GST revenue numbers for August, the data for which will be released later on Friday.

Malhotra said GDP growth was 7.8 per cent in June quarter and nominally it has grown 8 per cent.

“GST revenues during June quarter grew by more than 11 per cent. “This translates into a tax:GDP ratio of more than 1.3,” Malhotra said. Malhotra said GST collections have grown by more than nominal GDP and this is despite no increase in tax rates.

This is because of better compliance and improved tax collection efficiency. Tax evasion and avoidance is low.

Northlines
Northlines
The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

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