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


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.”

Thanks for reading from Storify News as a online news publishing website from India. You are free to share this story via the various social media platforms and follow us on; FacebookTwitterGoogle NewsGooglePinterest etc.

Disclaimer: The news and image presented in this article is based on other source and does not necessarily reflect the views or opinions of the author.

Share post:

Subscribe US

New York
overcast clouds
16.3 ° C
19 °
12.2 °
62 %
100 %
16 °
9 °
11 °
10 °
4 °


More like this

Flipkart Launches its Digital Payment Service: Flipkart UPI

Introduction: Flipkart Launches Flipkart UPI E-commerce giant Flipkart has unveiled...

Top 10 News Today in India | Today Top 10 News in English

Top 10 news headlines today India in english:  News...

Who is Dolly Chaiwala? How Microsoft’s Bill Gates did ‘Chai pe Charcha’ on ‘Dolly ki Tapri’

Bill Gates, the Microsoft co-founder and globally recognized philanthropist,...

Google Announced a deal with Reddit to Gain access to its Content Reportedly worth $60M annually

Google has struck a deal with Reddit, investing $60...