Gross GST collections in August 2024 rose by 10% to approximately Rs. 1.75 lakh crore (US$ 20.98 billion), driven by increased domestic consumption. According to government data, revenues from domestic transactions grew by 9.2% to about Rs. 1.25 lakh crore (US$ 14.98 billion), while GST revenues from imports of goods increased by 12.1% to Rs. 49,976 crore (US$ 5.99 billion). In comparison, July’s GST collection was Rs. 1.82 lakh crore (US$ 21.82 billion), and last August’s figure was Rs. 1.59 lakh crore (US$ 19.06 billion). Experts suggest that the robust growth at the start of the festive season indicates strong consumer demand, which bodes well for achieving annual collection targets.
Analysts noted that while large states like Maharashtra, Karnataka, and Uttar Pradesh showed double-digit growth in GST collections, states such as Gujarat, Andhra Pradesh, and Tamil Nadu experienced only single-digit increases, warranting further attention from tax authorities. Refunds issued during August totalled Rs. 24,460 crore (US$ 2.93 billion), a significant 38% increase from the previous year, leading to a net GST revenue growth of 6.5% at Rs. 1.5 lakh crore (US$ 17.98 billion) after adjustments. Experts anticipate that the ongoing festive season will likely boost collections further, reflecting overall economic strength.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.