India's August GST Collections Rise 10%
India's August GST Collections Rise 10%
India's August GST Collections Rise 10%
News summary

India's GST collections in August reached nearly ₹1.75 lakh crore, reflecting a 10% year-on-year increase, but higher refunds capped the net growth to 6.5%. Central GST and State GST collections grew by 8.9% and 7.3% respectively, while Integrated GST, driven by imports, saw a 12.5% rise. Experts attribute the rise in collections to robust consumption, enhanced compliance measures, and increased scrutiny. The GST Council is expected to discuss rate rationalisation in its upcoming meeting, although a decision is unlikely. The slowdown in net revenue growth is also attributed to efficient processing of refunds and higher-than-average rainfall impacting supply chains.

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GST collections rise 10% to almost Rs 1.75 lakh crore
GST mop-up rises 10%, but higher refunds cap net kitty
August 2024 GST collections rise 10% YoY to Rs 1.75 lakh crore
Total Gross GST Revenue for August 2024 Reached INR 1.75 Lakh Crore: CBIC
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Story Coverage
GST collections rise 10% to almost Rs 1.75 lakh crore
GST mop-up rises 10%, but higher refunds cap net kitty
August 2024 GST collections rise 10% YoY to Rs 1.75 lakh crore
Total Gross GST Revenue for August 2024 Reached INR 1.75 Lakh Crore: CBIC

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