According to Economic Affairs Secretary Ajay Seth, GST collections in August of this year may increase by 27% year over year (YoY) to exceed Rs 1.42 lakh crore, breaking the Rs 1.4 lakh crore barrier for six consecutive months since March 2022.
On September 1, 2022, the government will announce the GST receipts for the month of August.
Seth stated that “The growth in collections has been backed by substantial expansion in economic activity in addition to numerous steps done to combat anti-evasion initiatives and encourage improved compliance.”
He continued by saying that the increase in GST receipts shows that the Indian economy’s growth momentum has persisted through the first quarter of 2022–2023.
Prior to this, GST collections increased by 28% YoY to Rs 1,48,995 crore in July (for sales in June), the second-highest amount since the indirect tax regime’s implementation in July 2018.
The “rough bottom limit” for monthly GST revenue collections was set at Rs. 1.40 lakh crore by Union Finance Minister Nirmala Sitharaman in June, and it was anticipated that collections would increase over that going forward.
