August GST collections to be more than Rs 1.42 lakh crore: DEA secretary

GST collections in August this year may grow by 27 per cent on a Year-on-Year (YoY) basis to more than Rs 1.42 lakh crore, crossing the Rs 1.4 lakh crore mark for six successive months since March 2022, Economic Affairs secretary, Ajay Seth said on Wednesday.

The government will release the GST collections for August on September 1, 2022. “The growth in collections has been supported by robust growth in economic activity along with various measures undertaken to prevent anti-evasion activities and encourage better compliance,” Seth said.

He added that the growth in GST collections indicates that the growth momentum of the Indian economy has sustained even beyond Q1 of 2022-2023.

Before this, GST collections surged by 28 per cent YoY to Rs 1,48,995 crore during July (for sales in June), the second highest level since the July 2018 rollout of the indirect tax regime.

In June, Union finance minister Nirmala Sitharaman had said that Rs 1.40 lakh crore would now be the “rough bottom line” for monthly GST revenue collections, and it was expected that collections -- going forward -- will be above that.

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