The total gross GST revenue collected in August 2022 increased 28% year over year. In accordance with information made public today, August GST collections totaled ₹1,43,612 crore, of which CGST was ₹24,710 crore, SGST was ₹30,951 crore, IGST was ₹77,782 crore (including ₹22,067 crore collected on import of goods), and cess was ₹10,168 crore (including ₹1,018 crore collected on import of goods). The revenue for August 2022 is 28% more than the GST revenue of 1,12,020 crore for the same month previous year.
GST revenue has increased by 33% through August 2022 compared to the same period in the previous year. It continues to show very strong buoyancy. This is an obvious result of the numerous actions the Council has taken in the past to achieve better compliance. The administration stated in a statement that improved reporting along with the economic recovery have consistently had a favourable influence on GST revenues.
The government paid 29,524 crores to CGST and 25,119 crores to SGST from IGST in August. After normal settlement, the total revenue for the CGST and SGST for the month of August 2022 is 54,234 crore for the Centre and 56,070 crore for the States.
In comparison to the same month last year, the income from domestic transactions, which includes the import of services, was 19% higher during the month and the income from imported commodities was 57% higher.
The Indian economy grew 13.5% year over year in the April through June quarter. This is the quickest rate in a year, according to data released on Wednesday. However, economists anticipate that growth would slow down in the upcoming quarters as a result of increasing interest rates and the global economic slump. The benchmark repo rate of the Reserve Bank of India (RBI) has increased by 140 basis points since May. It includes 50 basis points increase last month.
India’s GDP growth estimate was trimmed by Moody’s Investors Service today. It decreased its projection to 7.7% in 2022 and a further deceleration to 5.2% in 2023. According to a March projection from Moody’s, India’s economy could grow by 8.8% in 2022. Rising interest rates, unequal monsoon distribution, and sluggish global growth could sequentially hamper India’s economic development.
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