{"id":156779,"date":"2023-09-02T11:39:20","date_gmt":"2023-09-02T06:09:20","guid":{"rendered":"https:\/\/www.gkseries.com\/blog\/?p=156779"},"modified":"2023-09-02T11:39:21","modified_gmt":"2023-09-02T06:09:21","slug":"indias-august-gst-collection-surges-to-%e2%82%b91-59-trillion","status":"publish","type":"post","link":"https:\/\/www.gkseries.com\/blog\/indias-august-gst-collection-surges-to-%e2%82%b91-59-trillion\/","title":{"rendered":"India\u2019s August GST Collection Surges to \u20b91.59 Trillion"},"content":{"rendered":"\n<p><strong>India\u2019s August GST Collection Surges to \u20b91.59 Trillion: <\/strong>In August, India witnessed a notable surge in <strong>Goods and Services Tax (GST) collection<\/strong>, amounting to \u20b91.59 trillion, signifying an 11% increase compared to the same period last year. This substantial development can be ascribed to improved compliance and anti-evasion measures put in place.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.gkseries.com\/blog\/daily-current-affairs-and-quiz\/\" target=\"_blank\" rel=\"noreferrer noopener\">Daily Current Affairs Quiz: September 2023<\/a><\/p>\n\n\n\n<p><strong>Comparison with Previous Months<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>August 2023\u2019s collection marked a significant rise from the \u20b91.43 trillion collected in August 2022.<\/li>\n\n\n\n<li>It is crucial to note, however, that GST collection has slowed compared to the previous month, which recorded 1.65 trillion in July.<\/li>\n<\/ul>\n\n\n\n<p><strong>Factors Behind the Moderation<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The moderation in collection is primarily attributed to subdued growth in <strong>integrated GST (IGST)<\/strong> and the cess on imports, which increased by only 3% in August.<\/li>\n\n\n\n<li>Importantly, both imports and IGST collections have experienced fluctuations in recent months.<\/li>\n<\/ul>\n\n\n\n<p><strong>Government\u2019s Expectations<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>For the fiscal year, the government has set an ambitious target of 1.6 trillion to 1.65 trillion in average monthly GST collection.<\/li>\n\n\n\n<li>Experts anticipate the growth momentum to continue, although certain inhibiting factors are not ruled out.<\/li>\n<\/ul>\n\n\n\n<p><strong>Distribution of Tax Collection<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Following the settlement of taxes for inter-state sales, the Centre collected \u20b965,909 crore, while the states garnered \u20b967,202 crore in August.<\/li>\n<\/ul>\n\n\n\n<p><strong>Year-on-Year Improvement<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>In comparison to the same month in the previous year, August 2023\u2019s GST revenues showed an impressive 11% increase.<\/li>\n\n\n\n<li>According to the finance ministry, revenue from imports of products increased by 3%, while revenue from domestic transactions (including imports of services) surged by 14% compared to the same period last year.<\/li>\n<\/ul>\n\n\n\n<p><strong>Strong Performance in Major States<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Several major states reported robust growth rates in GST collection.<\/li>\n\n\n\n<li>According to official figures, Maharashtra&#8217;s collection climbed by 23% to 23,282 crore, Karnataka&#8217;s collection increased by 16% to 11,116 crore, and Gujarat&#8217;s collection increased by 12% to 9,765 crore.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>India\u2019s August GST Collection Surges to \u20b91.59 Trillion: In August, India witnessed a notable surge in Goods and Services Tax (GST) collection, amounting to \u20b91.59 trillion, signifying an 11% increase compared to the same period last year. This substantial development can be ascribed to improved compliance and anti-evasion measures put in place. Daily Current Affairs [&hellip;]<\/p>\n","protected":false},"author":894,"featured_media":156781,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[5153],"tags":[82],"class_list":["post-156779","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-september-2023","tag-economy-current-affairs"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/156779","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/894"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=156779"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/156779\/revisions"}],"predecessor-version":[{"id":156782,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/156779\/revisions\/156782"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/156781"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=156779"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=156779"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=156779"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}