GST collection up by 10% to Rs 1.74 Lakh Crore in Aug

GST Collection: India’s Goods and Services Tax (GST) revenue saw a significant boost in August, rising 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 improved tax compliance. For the financial year up to August, the total GST revenue has reached Rs 9,13,855 crore, compared to Rs 8,29,796 crore during the same period last year. This ongoing increase in GST collections reflects robust economic activity and suggests a positive revenue growth trend as the year continues.

July GST Collection

In July, GST revenue climbed 10.3 per cent to over Rs 1.82 lakh crore, making it the third-highest collection ever recorded. After accounting for refunds, the net GST revenue for the month was approximately Rs 1,60,000 crore, marking a 14.4 per cent increase from the previous year.

Refunds disbursed decreased by 19.4 per cent to Rs 16,283 crore, contributing to the overall rise in net GST collections. The Ministry of Finance attributed the growth primarily to domestic transactions, which increased by 8.9 per cent to Rs 1,34,000 crore.