GST Collection in August 2024: There has been an increase in GST collection. The data has been released by the government on Sunday. The government informed that the total GST collection during August 2024 was Rs 1.75 lakh crore. There has been an increase of 10 percent in GST collection on an annual basis. Let us tell you, in August last year, the Goods and Services Tax (GST) revenue was Rs 1.59 lakh crore, while in July this year it was Rs 1.82 lakh crore.
Domestic revenue grew by 9.2 per cent to around Rs 1.25 lakh crore in August 2024. Net GST revenue from import of goods grew by 12.1 per cent to Rs 49,976 crore. Refunds worth Rs 24,460 crore were issued in the month under review, up 38 per cent year-on-year.
Net GST revenue after issuing refunds rose 6.5 per cent to Rs 1.5 lakh crore this month.
GST collection was higher in 2024
So far this year, the GST collection has been Rs 9.13 lakh crore. So far in 2023, the GST collection was Rs 8.29 lakh crore. So far this time the GST collection has increased by 10.1 percent compared to 2023.
According to the report of Economics Times, GST Council meeting may be held on 9th September
