Revenue Secretary Sanjay Malhotra today informed that the Goods and Services Tax ( GST) revenue has increased by 11 percent year-on-year in August 2023. In August 2022, the goods and services tax (GST) collection was Rs 1,43,612 crore. Sanjay Malhotra said that roughly 11 on an annual basis. There has been an increase of percentage percent. However, there is still some time left for the official figures of GST collection to come and all eyes are on it.
GST collection figures to come by this evening
Revenue Secretary Sanjay Malhotra was replying to a question on the expected GST revenue for August, the figure of which will be released by Friday evening.
How was GST collection in July?
Gst collection in July 2023 was Rs 1,65,105 crore, which was 11 per cent higher than July 2022.
GST collection crosses Rs 1.60 lakh crore mark for fifth consecutive year till July. This was the fifth consecutive time since GST came into existence in July 2023 when GST collection exceeded Rs 1.60 lakh crore.
Sanjay Malhotra mentions good GDP figures
Sanjay Malhotra said that the economic growth rate (GDP) in the April-June quarter has been 7.8 percent. He said that GST revenue has increased by more than 11 percent in the June quarter. This means that the tax-to-GDP ratio is more than 1.3.
