GST Collection:India’s Goods and Services Tax (GST) revenues saw a significant rise in August, increasing 10 per cent year-on-year to Rs 1,74,962 crore, according to official data released on Sunday. This is a substantial increase from the Rs 1,59,069 crore collected in August 2023.
The strong performance in GST collections is a positive sign of the country’s economic recovery and improving tax compliance. During the fiscal year till August, total GST revenues stood at Rs 9,13,855 crore, compared to Rs 8,29,796 crore during the same period last year. This continued rise in GST collections reflects robust economic activity and suggests a positive trend of revenue growth as the year progresses.
GST collection for July
In July, GST revenues rose 10.3 per cent to over Rs 1.82 trillion, making it the third-highest collection ever recorded. After taking into account refunds, net GST revenues for the month were about Rs 1.60 trillion, marking a 14.4 per cent increase over the previous year.
Refunds disbursed declined 19.4 per cent to Rs 16,283 crore, contributing to the overall rise in net GST collections. The Finance Ministry attributed the growth primarily to domestic transactions, which rose 8.9 per cent to Rs 1,340 crore.
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