GST Collection 2024: The high flight of GST collection continued in August as well. In August, the total GST collection grew 10 per cent year-on-year to around Rs 1.75 lakh crore. Strong demand and consumption in India, boom in service and manufacturing sectors, increase in e-invoicing, increase in new taxpayers, digitisation and transparency are the main reasons for the increase in GST collection.
Let us tell you that this figure was Rs 1.59 lakh crore in August last year. With this, GST collection has crossed Rs 1.70 lakh crore in the first five months of the current financial year. However, there has been some decline in it as compared to July. GST collection in July this year was Rs 1.82 lakh crore. At the same time, the total GST collection in the first five months of the current financial year increased by 10.1 percent to Rs 9.14 lakh crore. At the same time, if we talk about January this year, this is the seventh time when GST collection has crossed Rs 1.70 lakh crore.
38 percent more refunds issued
Refunds worth Rs 24,460 crore were issued in the month under review, up 38 per cent year-on-year. Of these, 58 per cent were domestic refunds, while the first was exporter refunds. Net GST revenue after refund adjustments grew 6.5 per cent to Rs 1.5 lakh crore in the month under review.
Domestic consumption will be strong during the festive season
Experts say that a 10 per cent year-on-year increase in collections at the start of this year’s festive season indicates that consumption is strong and will improve further in the coming festive months. This will increase confidence that collection targets for the year will be achieved.
GST collection this year
January 1.74 lakh crore
February 1.68 lakh crore
March 1.78 lakh crore
April 2.10 lakh crore
May 1.73 lakh crore
June 1.74 lakh crore
July 1.82 lakh crore
August 1.75 lakh crore