Good and services tax (GST) collections in August surged to 10% from the same period of the previous year to Rs 1,74,962 crore, according to the government’s official statement. The same rise was noted in all categories- Central GST (CGST), State GST (SGST), Integrated GST (IGST), and cess.
In the previous year, the gross GST revenue collected in August 2023 was Rs 1,59,069 crore.
In July GST collection was at Rs 182,075 crore. Till now in 2024, the total GST collection has been 10.1% more at Rs 9.13 lakh crore, as against Rs 8.29 lakh crore collected in the related period of 2023.
In April the total GST has risen to a record high of Rs 2.10 lakh crore.
The collection of the August 2024 GST shows the stronger tax framework of India. The consistent y-o-y rise of nearly 10% shows the effectiveness of the current GST reforms and the compliance measures.
This influential surge in import revenue emphasizes the buoyancy in the external sector, and the effective domestic collections, confirm the continued momentum in the economy.
Domestic revenue grew 9.2 per cent to nearly Rs 1.25 lakh crore, in August 2024, The gross GST revenues from the import of goods were up 12.1% to Rs 49,976 crore.
During the month, refunds worth Rs 24,460 crore were issued enrolling a 38% rise over the year-ago period. GST revenue rise after the adjustments of the refund was 6.5% at Rs 1.5 lakh crore in the month under review.
On September 9 the 54th GST council meeting seems to be later when FM Minister Nirmala Sitharaman addresses the panel towards rationalization of tax rates but a final decision on tweaking taxes and slabs will be taken subsequently. She indeed cited that the compensation cess on luxury and sin goods is indeed going to be discussed in the forthcoming meeting.
On September 9th, the upcoming GST Council meeting will be important in refining the tax structure, particularly with the decisions on facilitating the doing of business. The government continued its actions to maintain the same momentum, ensuring sustained revenue streams that contribute to the economic stability of the country.
The panel has provided a task to the fitment committee, a group of tax officers to review the implication of tinkering rates on certain items and present them before the GST council.
On July 1, 2017, GST was been introduced and compensation was ensured to the states for the revenue loss till June 2022 arising based on GST introduction.
