The GST revenue collection in Gujarat jumped by 12 per cent to Rs 9,765 crore while in Tamil Nadu it rose by 13 per cent to Rs 9,475 crore. In Uttar Pradesh it jumped by 10 per cent year-on-year to Rs 7,468 crore.
Talking to reporters, Revenue Secretary Sanjay Malhotra said growth in tax collections have been higher than expansion in nominal GDP. “Taxes have grown by more than nominal GDP, this is despite no increase in tax rates. This is basically because of better compliance, and improved tax collection efficiency,” he said.
The gross GST revenue collected in the month of August stood at Rs 1,59,069 crore of which Central Goods and Services Tax (CGST) is Rs 28,328 crore, State Goods and Services Tax (SGST) is Rs 35,794 crore and integrated goods and services tax (IGST) is Rs 83,251 crore (including Rs 43,550 crore collected on import of goods) and cess is Rs 11,695 crore (including Rs 1,016 crore collected on import of goods), as per data released by the Union Ministry of Finance on Friday.
The revenue from IGST is shared between the centre and the respective states. According to the Finance Ministry, the government has settled Rs 37,581 crore to CGST and Rs 31,408 crore to SGST from IGST.
The total revenue of Centre and the States in the month of August 2023 after regular settlement is Rs 65,909 crore for CGST and Rs 67,202 crore for the SGST.
During the month under review, revenue from import of goods was 3 per cent higher and the revenues from domestic transactions (including import of services) are 14 per cent higher than the revenues from these sources during the same month last year.
"The headline GST number is marginally lower than our forecast, dampened by imports. However, the overall collections so far this year remain robust,” said Aditi Nayar, Chief Economist, ICRA.