GST Collections Surge 10% to ₹1.75 Lakh Crore in August on Strong Domestic Revenue and Imports
India's Goods and Services Tax (GST) collections witnessed a significant increase in August 2024, surging by 10% to reach approximately ₹1.75 lakh crore. This growth is attributed to robust domestic revenue and a strong performance in goods imports.
Key Highlights:
- GST collections in August 2024 reached ₹1.75 lakh crore, a 10% increase year-on-year.
- Domestic revenue grew by 9.2% to ₹1.25 lakh crore.
- GST revenues from imports of goods rose by 12.1% to ₹49,976 crore.
- Net GST revenue increased by 6.5% to ₹1.5 lakh crore after adjusting for refunds.
In comparison, GST collections in August 2023 stood at ₹1.59 lakh crore, while in July 2024, the collections were slightly higher at ₹1.82 lakh crore. The domestic revenue growth of 9.2% to about ₹1.25 lakh crore and a 12.1% increase in GST revenues from imports underscore the strong economic activity within the country.
Additionally, the government issued refunds totaling ₹24,460 crore in August 2024, marking a 38% increase compared to the same period last year. After accounting for these refunds, the net GST revenue for the month stood at ₹1.5 lakh crore, reflecting a 6.5% increase.
Also Read: GDP Down to 6.7% Amid GST Soars
Finance Minister Nirmala Sitharaman indicated that the GST Council is set to discuss the rationalization of tax rates in an upcoming meeting next month, though final decisions on adjusting taxes and slabs are expected to be made later. Discussions on the continuation of compensation cess on luxury and sin goods are also anticipated, potentially during the council's September 9 meeting.