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Press Release

Date: September 1, 2022
Subject: GST Collections Remain Strong with 28 Percent Growth in August 2022
Description:

Gross Goods and Services Tax (GST) revenue collection for August 2022 stood at ₹1,43,612 crore, registering a sharp year-on-year growth of 28 percent compared to August 2021 and marking the sixth consecutive month in which monthly GST collections crossed the ₹1.4 lakh crore threshold. The August collections comprised ₹24,710 crore as CGST, ₹30,951 crore as SGST, ₹77,782 crore as IGST, including ₹42,067 crore from imports, and ₹10,168 crore as compensation cess. During the month, the Centre settled ₹29,524 crore to CGST and ₹25,119 crore to SGST from IGST collections, resulting in total post-settlement revenues of ₹54,234 crore for the Centre and ₹56,070 crore for the States. The strong growth was driven by a significant 57 percent increase in GST revenue from imports and a 19 percent rise in collections from domestic transactions, including import of services, reflecting both economic recovery and improved compliance. Overall GST revenues up to August 2022 recorded a buoyant growth of 33 percent over the corresponding period of the previous year, supported by consistent improvement in reporting and enforcement measures. The sustained momentum in collections highlights the resilience of the GST system and the positive impact of policy and compliance initiatives undertaken by the GST Council.

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