GST revenue up 28% year-on-year in August
The Gross GST Revenue collected in the month of August 2022 is ₹ 1,43,612 crore which is 28% higher than the GST revenue of ₹ 1,12,020 crore in the corresponding month of the previous year.
During the month, revenue from domestic transactions (including import of services) and import of goods grew by 57%, up 19% from revenue from these sources during the same month last year. Monthly GST revenue for six consecutive months is over Rs 1.4 lakh crore. Better data on GST revenue ensures that the impact of various measures taken by the GST Council for better compliance is evident.
What were the CGST, SGST, and IGST collected in August 2022?
In August 2022, the GST revenue collected was Rs 1,40,885 crore which is divided into:
- CGST: ₹ 24,710 crore
- SGST: ₹ 30,951 crore
- IGST: ₹ 77,782 crore (including ₹ 42,067 crore collected on import of goods)
- Cess: ₹ 10,168 crore (including ₹ 1,018 crore collected on import of goods).
What is GST?
Goods and Services Tax (GST) is an indirect tax imposed on the supply of goods and services. It is a multi-stage, destination-oriented tax. The 101st Amendment Act of 2016 paved the way for the introduction of the goods and services tax (GST) regime in India.
What are the components of GST?
- Central GST (CGST)
- State GST (SGST)
- Integrated GST (IGST).
Which component of GST is the largest contributor to GST growth last year?
Due to the surge in imports, integrated GST (IGST) on imports became the largest contributor to GST growth last year.
What is the GST council?
Goods & Services Tax Council (GST Council) is a constitutional body (Article 279-A) for making recommendations to the Union and State governments on issues related to Goods and Service Tax (GST). The GST Council is a joint forum of the centre and the states, with the Union Finance Minister as the Chairperson.
Category: Economy & Banking Current Affairs - 2022
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