GST Collections rise 10% to Rs.1.75 Lakh Crore in August 2024

The Goods and Services Tax (GST) collections increased by 10% in August 2024 compared to the same time last year, reaching Rs.1,74,962 crore. This growth was noted in all categories, including Central GST (CGST), State GST (SGST), Integrated GST (IGST) and cess, according to the official statement of the government.

A year ago, the gross GST revenue collected in August 2023 was Rs.1,59,069 crore.

July’s collections totalled Rs.182,075 crore. So far in 2024, total GST collection has been 10.1% higher, at Rs.9.13 lakh crore, compared to Rs.8.29 lakh crore collected in the same time in 2023. In April, the total GST collection reached a record high of Rs.2.10 lakh crore.

The GST collections for August 2024 show the stability and rigidity of India’s tax regime. The continuous year-on-year growth rate of roughly 10% demonstrates the effectiveness of ongoing GST changes and compliance procedures. The considerable increase in import income highlights the foreign sector’s buoyancy, while the strong domestic collections confirm the economy’s ongoing growth.

Domestic revenue increased by 9.2% in August 2024 to over Rs.1.25 lakh crore. Gross GST collections from imports of goods increased 12.1% to Rs.49,976 crore.

Refunds totalling Rs.24,460 crore were granted this month, a 38% increase over the same period last year. After adjusting refunds, net GST revenue increased by 6.5% to Rs.1.5 lakh crore during the month under review.

The GST council is set to meet on September 9 or later, chaired by Finance Minister Nirmala Sitharaman, to examine tax rate rationalisation, but no final decision on changing taxes and slabs would be made until later. She also stated that the compensating cess on luxury and sin goods will be discussed at the forthcoming meeting.