GST Revenue Records 11% Growth, Reaches ₹1.6 Trillion in August

GST Revenue Records 11% Growth, Reaches ₹1.6 Trillion in August

Annual GST revenue in the country has recorded robust growth. In August, India’s GST collections amounted to 1.60 lakh crore rupees, marking an 11% increase compared to the same period last year. Revenue Secretary Sanjay Malhotra provided this information on Friday. The government had collected 1.44 lakh crore rupees (approximately 17.41 billion dollars) in goods and services tax in August of the previous year.

Malhotra stated that the GDP growth rate for the June quarter was 7.8%, and it has symbolically been recorded at 8%. During the June quarter, GST revenue saw a growth rate of over 11%. This tax-GDP ratio is more than 1.33.

The GST Reward Scheme ‘My Bill, My Right’ was launched on Friday in six states and union territories. The central and state governments have allocated a fund of 30 crore rupees for the prize amount in the current financial year.

Haryana’s Deputy Chief Minister Dushyant Chautala mentioned that the mobile app for the scheme has been downloaded by more than 50,000 people so far. Revenue Secretary Sanjay Malhotra mentioned that ‘My Bill, My Right’ GST Lucky Draw is being launched as a pilot basis in six states, and both the central and state governments will contribute equally to the prize amount.

Malhotra said, “GST has been beneficial for citizens, customers, and governments. Revenue is increasing every month, and the central and state governments have come together to ensure that tax rates under GST remain low.”

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.