The gross GST revenue collected in the month of August 2022 jumped 28% years on year. According to data released today, August GST collections came in at ₹1,43,612 crore of which CGST is ₹ 24,710 crore, SGST is ₹ 30,951 crore, IGST is ₹ 77,782 crore (including ₹ 42,067 crore collected on import of goods) and cess is ₹ 10,168 crore (including ₹ 1,018 crore collected on import of goods). The revenues for the month of August 2022 are 28% higher than the GST revenues in the same month last year of ₹ 1,12,020 crore.
For six months in a row now, the monthly GST revenues have been more than the ₹ 1.4 lakh crore mark.
“The growth in GST revenue till August 2022 over the same period last year is 33%, continuing to display very high buoyancy. This is a clear impact of various measures taken by the Council in the past to ensure better compliance. Better reporting coupled with economic recovery has been having positive impact on the GST revenues on a consistent basis,” the government said in a statement.
In August, the government has settled ₹ 29,524 crore to CGST and ₹ 25,119 crore to SGST from IGST. The total revenue of Centre and the States in the month of August 2022 after regular settlement is ₹ 54,234 crore for CGST and ₹ 56,070 crore for the SGST.
During the month, revenues from import of goods was 57% higher and the revenues from domestic transaction (including import of services) are 19% higher than the revenues from these sources during the same month last year.
Data released on Wednesday showed that Indian economy expanded 13.5% year-on-year in the April-June quarter, the fastest pace in a year. But economists expect growth to lose momentum in coming quarters as higher interest rates and global slowdown cool domestic economic activity. The Reserve Bank of India (RBI) has raised its benchmark repo rate by 140 basis points since May, including 50 basis points last month.
Moody’s Investors Service today cut India’s GDP growth outlook when it lowered its forecast to 7.7% in 2022 and to decelerate further to 5.2% in 2023. In March, Moody’s had forecast that India’s economy could expand at 8.8% in 2022.
Rising interest rates, uneven distribution of monsoons, and slowing global growth could dampen India’s economic momentum on a sequential basis, Moody’s said in a note.
Moody’s however said that a quicker letup in global commodity prices would provide significant upside to India’s growth. “In addition, economic growth would be stronger than we are projecting in 2023 if the private-sector capex cycle were to gain steam,” it said.
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