gst: August GST collection likely to be in range of Rs 1.42-1.43 lakh crore: Ajay Seth – Blue Barrows

GST collection for August could likely be in range of Rs 1.42-1.43 lakh crore, in signs of buoyancy in economy, Economic Affairs Secretary Ajay Seth said on Wednesday. The final numbers for GST mop-up will be out tomorrow.

On the govt expenditure in Q1, the DEA secretary said that Rs 1.7 lakh crore was spend in the quarter ending June.

Seth also said that the Gross fixed capital formation grew 34.7 per cent in April-June, which was highest in 10 years.

Talking about jobs, the DEA secretary said that demand for job is still higher than the pre-pandemic level.

The gross goods and service tax (GST) revenue collected in the month of July stood at Rs 1,48,995 crore, the second highest ever since the introduction of GST and up 28% year-on-year. Monthly GST revenues have been more than Rs 1.4 lakh crore for five straight months. The growth in GST revenue till July 2022 over the same period last year is 35%.

India’s economy saw 13.5 percent in the June quarter, official figures showed Wednesday as a favourable base effect and improved activities following the relaxation of pandemic-led restrictions outweighed the rippling effects of geopolitical and global concerns.

Despite growing at the fastest pace in a year, the growth rate lagged the 15.2 percent estimate by Reuters.