GST Collections in August 2024 Surge by 10% to Rs 1.74 Lakh Crore

Ira Singh
Khabar Khabaron Ki,02 Sep’24

In a remarkable boost to India’s economic outlook, the Goods and Services Tax (GST) collections for August 2024 registered a significant growth, reaching Rs 1,74,962 crore. This marks a 10% increase compared to the same period last year, showcasing a robust performance across all GST categories—Central GST (CGST), State GST (SGST), Integrated GST (IGST), and cess.Revenue collection from Goods and Services Tax (GST) jumped by 10% year-on-year to Rs 1.75 lakh crore in August led by robust increase in states like Karnataka, Maharashtra, Delhi, Uttar Pradesh and Haryana, government data released on Sunday showed.

According to information,a year before, the gross GST revenue collected in the month of August, 2023 was Rs 1,59,069 crore.For the month of July, the collections were totalled at Rs 182,075 crore. So far in 2024, the total GST collection has been 10.1 per cent higher at Rs 9.13 lakh crore, as against Rs 8.29 lakh crore mopped up in the corresponding period of 2023.In April, the total GST mop-up surged to a record high of Rs 2.10 lakh crore.

In August 2024, domestic revenue grew 9.2 per cent to about Rs 1.25 lakh crore. Gross GST revenues from import of goods were up 12.1 per cent to Rs 49,976 crore.Refunds worth Rs 24,460 crore were issued during the month, registering an increase of 38 per cent over the year-ago period. After adjusting refunds, net GST revenue increase was 6.5 per cent at Rs 1.5 lakh crore during the month under review, stated report.

The GST council is likely to meet on September 9 or later where Union Finance Minister Nirmala Sitharaman led- panel will discuss rationalisation of tax rates but a final decision on tweaking taxes and slabs will be taken later, stated official release. She also reportedly stated that compensation cess on luxury and sin goods are also going to be discussed in the upcoming meeting.The upcoming GST Council meeting on September 9th will be crucial in further refining the tax structure, especially with potential decisions on ease of doing business. The government’s continued efforts in maintaining this trajectory are commendable, ensuring sustained revenue streams that contribute to the nation’s economic stability ,noted analysts.

Meanwhile, the data for August also shows a broad-based increase in collections across various sectors, indicating a healthy economic momentum. Analysts believe that the sustained growth in GST revenues could bolster India’s economic outlook for the fiscal year.

With the festive season approaching, further increases in GST collections are anticipated, providing a positive outlook for the coming months,believe experts. The government continues to monitor the GST regime closely to ensure smooth functioning and to address any bottlenecks that may arise.Overall, the impressive rise in GST collections for August 2024 reflects the ongoing economic recovery and the effectiveness of measures taken by the government to strengthen the tax framework.

GST was introduced on July 1, 2017, and states were assured of compensation for the revenue loss till June 2022, arising on account of the GST rollout.