August GST Collection: ‘Achche Din’ for GST Collection; 28 percent tax collection growth, August collection figure is… | August GST collections at Rs 1 lakh 44 thousand crore up 28 percent year on year scsg 91

August GST Collection: ‘Achche Din’ for GST Collection; 28 percent tax collection growth, August collection figure is… | August GST collections at Rs 1 lakh 44 thousand crore up 28 percent year on year scsg 91
August GST Collection: ‘Achche Din’ for GST Collection; 28 percent tax collection growth, August collection figure is… | August GST collections at Rs 1 lakh 44 thousand crore up 28 percent year on year scsg 91

The Goods and Services Tax (GST) collection in the country has increased by 28 percent on a year-on-year basis in the month of August. This means that this year’s GST collection is 28 percent more than the GST collection in the month of August last year. According to the data released by the Ministry of Finance today, the GST collection for the month of August is 1 lakh 43 thousand 612 crores. Out of this, the central government’s GST collection figure is 24 thousand 710 crores, while the state government’s GST collection figure is 30 thousand 951 crores.

The amount of integrated GST i.e. IGST is 77 thousand 782 crores. 42 thousand 67 crores on imported goods are also included in IGST. The cess collection amounts to Rs 10,168 crore (including Rs 1,018 crore received on imports), the finance ministry said in a statement. This year’s total receipt of GST in the month of August is 28 percent more than last year’s month of August. Last year the GST collection in the month of August was 1 lakh 12 thousand 20 crores.

The GST collection has consistently been over 1.4 lakh crore in the last six months. “The increase in GST collection is 33 percent. It is increasing continuously. This is the result of the decision taken by the GST Council in its previous meeting. The positive impact of the recovery of the economy is being seen on the GST collection,” the government said in a release.

In this month of August, the government had deposited 29 thousand 524 crores from the integrated GST in the central government account, while 25 thousand 119 crores had been given to the states. The total tax collection figures of Central Government and State Governments in the month of August are 54 thousand 234 crore CGST and 56 thousand 70 crore SGST. This month saw a further increase of 57 percent in tax collection on imported goods. Last year the same figure was 19 percent.

The gross national product data showed on Wednesday that the economy is recovering from two years of adverse effects of Corona. The growth rate reached a level of 13.5 percent in the first quarter from April to June.

In the first quarter of the financial year 2021-22, the GDP rate stood at 20.1 percent. In the fourth month of last financial year, the GDP rate was down to 4.1 percent. According to the Union Ministry of Statistics and Enforcement, in the first quarter of the financial year 2020-21 and the first quarter of 2021-22, due to the increasing spread of the corona virus, the lockdown was imposed across the board, which adversely affected the economy. This year, however, the growth rate of 13.5 percent was achieved due to smooth economic transactions, despite the high prices of food grains and mineral oil at the global level.

According to data from the Office of National Statistics, the growth rate of the manufacturing sector was recorded at 4.8 percent in the first quarter of the financial year 2022-23. It was recorded at 49 percent in the first quarter of FY 2021-22. The growth rate of agriculture sector has been 2.2 percent. It was 4.5 in the first quarter of 2021-22. The growth rate of the construction sector also remained limited to 16.8 percent, decreasing from 71.3 percent in the same quarter last year.


The article is in Marathi

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