Friday, September 30, 2022

GST Collection In August 2022: GST collection decreased in August as compared to July, GST recovery of Rs 1,43,612 crore

GST collection data: The GST collection in August 2022 has been Rs 1,43,612 crore. Although it is less than July 2022. GST collection in July stood at Rs 1,48,995 crore. While the GST collection in the month of June was Rs 1,44,616 crore. The GST collection in the month of April of the current financial year was Rs 1,67,540 crore, which is the highest ever.

According to the Finance Ministry, the GST collection of Rs 1,43,612 crore in August 2022 is 28 percent higher than in August last year. For the last six months, GST collection of Rs 1.40 lakh crore is happening continuously. CGST collection for August 2022 is Rs 24,710 crore, SGST Rs 32,951 crore, IGST collection is Rs 77,782 crore of which import of goods is Rs 42,067 crore and Cess collection is Rs 10,168 crore. After the introduction of the GST on July 1st, 2017, this is the second-highest amount of GST collected.

Read More: GST on Rent: Effective immediately, tenants must pay 18% GST! Government information was abundant.

The Finance Ministry reports that in August 2021, GST income will have increased by 33% from the previous year. Along with this, better compliance is being seen due to the steps taken by the GST Council. Along with better reporting, the positive impact of economic reforms on GST collections is being seen. Steps taken to check GST evasion especially due to action against counterfeit bill makers have led to increasing in GST collections.

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