GST Collections: The Goods and Services Tax (GST) collections in August 2024 witnessed a 10% increase compared to the same period last year, amounting to Rs 1,74,962 crore. This growth was evident across all categories, including Central GST (CGST), State GST (SGST), Integrated GST (IGST), and cess.
In August 2023, the gross GST revenue collected was Rs 1,59,069 crore. The previous month’s collections totaled Rs 1,82,075 crore.The cumulative GST collection for 2024 has been 10.1% higher at Rs 9.13 lakh crore, compared to Rs 8.29 lakh crore collected in the corresponding period of 2023. Notably, in April, the total GST mop-up reached a record high of Rs 2.10 lakh crore.
Domestic revenue in August 2024 grew by 9.2% to approximately Rs 1.25 lakh crore, while gross GST revenues from the import of goods increased by 12.1% to Rs 49,976 crore. Refunds amounting to Rs 24,460 crore were issued during the month, marking a 38% increase over the previous year. After adjusting for refunds, the net GST revenue increase for the month under review was 6.5%, reaching Rs 1.5 lakh crore.
The GST council, led by Finance Minister Nirmala Sitharaman, is expected to convene on September 9 or later to discuss the rationalization of tax rates. However, a final decision on adjusting taxes and slabs will be made at a later stage. The upcoming meeting will also address the compensation cess on luxury and sin goods. The fitment committee, consisting of tax officers, has been assigned the task of analyzing the implications of modifying rates on certain items and presenting their findings to the GST council.
It is worth noting that GST was introduced on July 1, 2017, and states were guaranteed compensation for revenue loss until June 2022, resulting from the GST rollout.
In August 2023, the gross GST revenue collected was Rs 1,59,069 crore. The previous month’s collections totaled Rs 1,82,075 crore.The cumulative GST collection for 2024 has been 10.1% higher at Rs 9.13 lakh crore, compared to Rs 8.29 lakh crore collected in the corresponding period of 2023. Notably, in April, the total GST mop-up reached a record high of Rs 2.10 lakh crore.
Domestic revenue in August 2024 grew by 9.2% to approximately Rs 1.25 lakh crore, while gross GST revenues from the import of goods increased by 12.1% to Rs 49,976 crore. Refunds amounting to Rs 24,460 crore were issued during the month, marking a 38% increase over the previous year. After adjusting for refunds, the net GST revenue increase for the month under review was 6.5%, reaching Rs 1.5 lakh crore.
The GST council, led by Finance Minister Nirmala Sitharaman, is expected to convene on September 9 or later to discuss the rationalization of tax rates. However, a final decision on adjusting taxes and slabs will be made at a later stage. The upcoming meeting will also address the compensation cess on luxury and sin goods. The fitment committee, consisting of tax officers, has been assigned the task of analyzing the implications of modifying rates on certain items and presenting their findings to the GST council.
It is worth noting that GST was introduced on July 1, 2017, and states were guaranteed compensation for revenue loss until June 2022, resulting from the GST rollout.
