India’s August 2022 GST revenue rose 28% year-on-year to exceed Rs 1.4 lakh crore. Robust imports and better compliance drove this growth.
For the month of August 2022, India’s Goods and Services Tax (GST) collections surpassed the 1.4 lakh crore rupee threshold once more. The Ministry of Finance released this data in a press statement on September 1, 2022. This article provides a detailed overview of the August GST revenue.
August 2022 GST Revenue Breakdown
The aggregate Goods and Services Tax collection for August 2022 reached Rs. 1,43,612 crores. This sum comprised Rs. 24,710 crores from Central GST (CGST), Rs. 30,951 crores from State GST (SGST), and Rs. 77,782 crores from Integrated GST (IGST). The IGST component included Rs. 42,067 crores derived from taxes on imported goods. Additionally, a cess of Rs. 10,168 crores was collected, with Rs. 1,018 crores from this amount attributed to goods imports.
Following the regular settlement process, the Central government disbursed Rs. 29,524 crores from the IGST collection towards CGST and Rs. 25,119 crores towards SGST. After these adjustments, the combined GST revenue for the Centre and all states totaled Rs. 54,234 crores for CGST and Rs. 56,070 crores for SGST.
Trends in August 2022 GST Collections
The August 2022 GST revenue showed a 28% increase compared to August 2021, when collections stood at Rs. 1,12,020 crores. However, a notable decrease was observed when compared to the preceding month, which recorded GST collections of Rs. 1,48,995 crores.
Despite the monthly fluctuation, the past six months have consistently seen GST collections exceeding the Rs. 1.4 lakh crore mark. The overall GST revenue growth until August 2022, when benchmarked against the same period last year, reached 33%, indicating a stable financial trajectory.
Revenue from the import of goods experienced a significant boost, contributing 57% more to GST collections. Similarly, domestic transactions and service imports demonstrated a 19% growth when compared to the figures from August 2021.
The positive August 2022 GST collection reflects the effectiveness of various revenue enhancement strategies implemented by the GST Council in recent meetings, aimed at improving compliance. Consistent GST revenues are also positively influenced by accurate reporting and a recovering economy.
Furthermore, Indian businesses generated over 7.6 crore e-way bills in July 2022. This figure represents a slight increase from the 7.4 crore e-way bills recorded in June 2022 and a substantial 19% rise compared to the 6.4 crore e-way bills issued in July 2021.
State-wise GST Collections for August 2022
Several states and Union Territories, including Ladakh, Goa, Mizoram, and Karnataka, achieved the highest year-on-year (Y-o-Y) growth in GST collections during August 2022. Conversely, Lakshadweep, Manipur, and the Andaman & Nicobar Islands experienced declines, reporting negative Y-o-Y growth.
The following table, sourced from the PIB’s press release dated September 1, 2022, details the state and UT-wise GST collections along with their year-on-year growth.
| State/UT | Aug 2021 | Aug 2022 | Growth |
|---|---|---|---|
| Jammu and Kashmir | 392 | 434 | 11% |
| Ladakh | 14 | 19 | 34% |
| Punjab | 1,414 | 1,651 | 17% |
| Himachal Pradesh | 704 | 709 | 1% |
| Uttarakhand | 1,089 | 1,094 | 0% |
| Chandigarh | 144 | 179 | 24% |
| Delhi | 3,605 | 4,349 | 21% |
| Haryana | 5,618 | 6,772 | 21% |
| Rajasthan | 3,049 | 3,341 | 10% |
| Bihar | 1,037 | 1,271 | 23% |
| Uttar Pradesh | 5,946 | 6,781 | 14% |
| Arunachal Pradesh | 53 | 59 | 11% |
| Sikkim | 219 | 247 | 13% |
| Manipur | 45 | 35 | -22% |
| Nagaland | 32 | 38 | 18% |
| Tripura | 56 | 56 | 0% |
| Mizoram | 16 | 28 | 78% |
| Meghalaya | 119 | 147 | 23% |
| Assam | 959 | 1,055 | 10% |
| Jharkhand | 2,166 | 2,595 | 20% |
| West Bengal | 3,678 | 4,600 | 25% |
| Odisha | 3,317 | 3,884 | 17% |
| Madhya Pradesh | 2,438 | 2,814 | 15% |
| Chhattisgarh | 2,391 | 2,442 | 2% |
| Gujarat | 7,556 | 8,684 | 15% |
| Dadra and Nagar Haveli | 254 | 310 | 22% |
| Daman and Diu | 1 | 1 | 4% |
| Karnataka | 7,429 | 9,583 | 29% |
| Goa | 285 | 376 | 32% |
| Maharashtra | 15,175 | 18,863 | 24% |
| Andhra Pradesh | 2,591 | 3,173 | 22% |
| Telangana | 3,526 | 3,871 | 10% |
| Lakshadweep | 1 | 0 | -73% |
| Puducherry | 156 | 200 | 28% |
| Tamil Nadu | 7,060 | 8,386 | 19% |
| Andaman and Nicobar Islands | 20 | 16 | -21% |
| Kerala | 1,612 | 2,036 | 26% |
| Center Jurisdiction | 214 | 205 | -4% |
| Other Territory | 109 | 224 | 106% |
| Grand Total | 84,490 | 1,00,526 | 19% |
The government attributed the consistent monthly growth in collections largely to robust automobile sales observed over recent tax periods. Furthermore, anti-evasion measures have significantly contributed to the objective of augmenting GST revenue. These factors collectively suggest a sustainable economic growth trajectory for the Indian economy, extending into the second quarter of FY 2022-23.
Readers are encouraged to monitor this space for updates on the September 2022 GST collection figures.
