August GST Collections Estimated To Grow By 11%: Revenue Secretary
India's Goods and Services Tax collection is expected to have grown by 11% year-on-year in August, Revenue Secretary Sanjay Malhotra said on Friday.
In August 2022, collections came up to Rs 1.4 lakh crore. This puts this month‘s collections at around Rs 1.6 lakh crore, in line with the average collections in this fiscal so far.
Commenting on the Q1 GDP growth rate, the secretary noted that the tax growth outpaced the nominal GDP growth. “GST revenues during June quarter grew by more than 11%. This translates into a tax-GDP ratio of more than 1.3,” he said.
Malhotra attributed this to better tax compliance, low tax evasion/avoidance and collection efficiency.
The secretary, accompanied by Central Board of Indirect Taxes and Customs Chairman Sanjay Aggarwal, launched the Mera Bill Mera Adhikar Scheme. The scheme is aimed at raising consumer awareness by rewarding their GST invoice collection.
Mera Bill Mera Adhikar Scheme will offer rewards to consumers who submit their GST invoices on the basis of draw of lots
The prizes are as follows:
Two prizes of Rs 1 crore every quarter.
Ten prizes of Rs 10 lakh every month.
800 prizes of Rs 10,000 every month.
The scheme's corpus is estimated at Rs 30 crore for a period of 10 months, which will be contributed by the centre and states equally.
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