From Rs 1.73 lakh crore the Goods and services tax (GST) revenue growth rate has surged to 6.5% in September, even after the sluggish growth in collections from domestic transactions along with the imports. Over the past 40 months, it has been the most sluggish GST growth. It is also 1% lower than the GST collection for August 2024.
The Union Ministry of Finance (FinMin) data shows the collection of September via domestic transactions includes central GST (CGST) Rs 31,422 crore, state GST (SGST) Rs 39,283 crore, and integrated GST (IGST) Rs 46,087 crore and cess Rs 11,059 crore. In the month the IGST and cess on imports were Rs 44,507 crore and 883 crore.
From April to September this year GST revenue growth is Rs 10.87 lakh crore, up by 9.5% from Rs 9.92 lakh crore recorded in the same period the previous year. Haryana recorded a higher growth of 24% to Rs 9,957 crore in September, GST revenues of Manipur are just Rs 38 crore, a drop of 33% or down from Rs 52 crore registered in September 2023.
Concerning the GST revenues in September month, Maharashtra stays at top with a collection of Rs 26,369 crore, an augmentation of 5% over September last year. Maharashtra is followed by Karnataka with a collection of Rs 12,642 crore and Tamil Nadu holds Rs 11,024 crore. Gujarat attaining a GST collection of Rs 10,153 crore and Haryana with Rs 9,957 crore are among the top five states.
