GST Collection
GST collections in August: Total GST collections in August have increased by 10 percent to around Rs 1.75 lakh crore. This information was given in government data released on Sunday. Goods and Services Tax (GST) revenue was Rs 1.59 lakh crore in August last year. Whereas in July this year it was Rs 1.82 lakh crore. Domestic revenue grew by 9.2 percent to around Rs 1.25 lakh crore in August 2024.
Refunds worth Rs 24,460 crore issued
Gross GST revenue from import of goods rose 12.1 percent to Rs 49,976 crore. Refunds of Rs 24,460 crore were issued in August, up 38 percent year-on-year. Net GST revenue after refund adjustments rose 6.5 percent to Rs 1.5 lakh crore in August.
It was at a record high in April
The total GST collection had hit a record high of Rs 2.10 lakh crore in April. The GST Council meeting is likely to be held on September 9 or later, where the panel led by Finance Minister Nirmala Sitharaman will discuss rationalisation of tax rates, but a final decision on tinkering with taxes and slabs will be taken later. The compensation cess on luxury and sin goods will also be discussed in the upcoming meeting. GST was introduced on July 1, 2017 and states were compensated for the revenue loss caused due to the GST rollout till June 2022.
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