Goods and Services Tax (GST) revenue slipped marginally below ₹1.6 lakh crore mark in August, coming in at ₹1,59,069 crore even as it recorded nearly 11% year-on-year (y-o-y) jump on the back of robust domestic business activities and a high-performing services sector.
Sequentially, the monthly collection fell by about 4% as compared to ₹1.65 lakh crore collected in July, which was the third highest collection ever. According to experts the fall in the monthly collection below the 1.60 lakh crore mark was mainly on account of slowing imports.
"During the month (August), revenue from import of goods was 3% higher and the revenues from domestic transactions, including import of services, are 14% higher than the revenues from these sources during the same month last year," the Union finance ministry said in a statement on Friday.
Aditi Nayar, chief economist, ICRA Ltd said: "The headline GST number is marginally lower than our forecast, dampened by imports. However, the overall collection so far this year remain robust."
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