GST Revenues Grow 11% to about Rs 1.6 lakh crore in August: Govt

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According to Revenue Secretary Sanjay Malhotra, the Goods and Services Tax (GST) revenues for August 2023 have exhibited a noteworthy 11 percent year-on-year increase. He shared this information with news agency PTI on September 1.

In August 2022, the GST collection amounted to Rs 1,43,612 crore. Malhotra stated, “The figures roughly align with an approximate 11 percent year-on-year growth, consistent with previous months.”

This 11 percent growth roughly equates to approximately Rs 1.60 lakh crore.

Responding to inquiries about the anticipated GST revenue figures for August, which were scheduled for release later that Friday, Malhotra provided insight into the economic landscape. He mentioned that the GDP had expanded by 7.8 percent during the June quarter, with a nominal growth rate of 8 percent.

Malhotra emphasized, “GST revenues for the June quarter surged by over 11 percent. This results in a tax-to-GDP ratio exceeding 1.3.”

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