New Delhi, Sep 1: According to Revenue Secretary Sanjay Malhotra, the August 2023 GST collections have increased by 11% year over year as a result of higher compliance and lower evasion.
In August 2022, the GST (Goods and Services Tax) brought in Rs 1,43,612 crore.
According to Malhotra, “numbers are roughly in the range of 11% year-over-year growth as in earlier months.”
A rise of 11% equates to around Rs 1.60 lakh crore.
He was responding to a query regarding the anticipated GST revenue figures for August; the information will be made public later on Friday.Malhotra claimed that nominal GDP growth was 8% and that actual growth was 7.8% in the June quarter.
“GST revenues increased by more than 11% in the June quarter. This results in a tax-to-GDP ratio of more than 1.3, according to Malhotra.
Malhotra said that despite no rise in tax rates, GST collections have increased by more than nominal GDP. Better compliance and more effective tax collection are to blame for this. Tax avoidance and evasion are uncommon.
