Records 23 per cent growth till August
IndiGlobal Bureau
Hyderabad: Telangana is punching above its weight and is outperforming itself in Goods and Service Tax (GST) collections. The state registered a 23 per cent growth till August 22 over the same period last year. About Rs 21,256.97 crore was collected at the end of August in 2022-23 against Rs 17,226.78 crore accrued upto August in 2021-22.
Telangana recorded 10 per cent growth over collection of Rs 3525.53 crore in August last year. The GST collections touched Rs Rs 3,871 crore for the month of August this year.
In terms of IGST (Integrated GST), Telangana had recorded 22 per cent growth with Rs 1,269.60 crore this month compared to the same month during last fiscal.
The country’s revenues for the month of August 2022 are 28 per cent higher than the GST revenues in the same month last year of Rs 1,12,020 crore. During the month, revenues from import of goods was 57 per cent higher and the revenues from domestic transaction (including import of services) are 19 per cent higher than the revenues from these sources during the same month last year.
Further, the union government has settled Rs 29,524 crore to CGST (Central GST) and Rs 25,119 crore to SGST (State GST) from IGST. The total revenue of Centre and the States in the month of August 2022 after regular settlement is Rs 54,234 crore for CGST and Rs 56,070 crore for the SGST.
Data released on Wednesday showed that Indian economy expanded 13.5% year-on-year in the April-June quarter, the fastest pace in a year.
It may be noted that Telangana had set a new record in GST revenue in the month of April, collecting Rs 5,000 crore for the first time since the new tax regime came into force in 2017.
Telangana is one of the country’s top six states in terms of GST collection. Maharashtra, Gujarat, UP, Karnataka and Tamil Nadu are the other top states.