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GST collection rises 28 per cent

However, the number is lower than Rs 1.49 lakh crore collected in July
The GST collection remained above the Rs 1.4-lakh crore mark for the sixth straight month in August and the ensuing festival season will help to continue the trend.
The GST collection remained above the Rs 1.4-lakh crore mark for the sixth straight month in August and the ensuing festival season will help to continue the trend.
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Our Special Correspondent   |   New Delhi   |   Published 02.09.22, 01:19 AM

The Goods and Services Tax collection soared 28 per cent to Rs 1.43 lakh crore in August from Rs 1.12 lakh crore a year ago, aided by rising demand, higher rates and greater compliance.

However, the number is lower than Rs 1.49 lakh crore collected in July.

The mop up was at a record high of Rs 1.67 lakh crore in April.

The GST collection remained above the Rs 1.4-lakh crore mark for the sixth straight month in August and the ensuing festival season will help to continue the trend. Better reporting coupled with economic recovery has had a “positive impact on the GST revenues on a consistent basis”, the finance ministry said in a statement.

Deloitte India partner M.S. Mani said the collections reflect the strength of the underlying economic factors.

“With the onset of the festival season, which is a large consumption driver, the GST collections would also be expected to be robust,” Mani added.

Icra chief economist Aditi Nayar said looking ahead, the YoY growth in GST collections are likely to remain well above 20 per cent in September, before tempering down to 12-15 per cent in the December quarter, trending close to the nominal GDP expansion.

“We continue to foresee a considerable upside in the CGST collections relative to the FY 2023 BE, more than offsetting the expected loss in excise collections,” she said.



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