Goods and Services Tax (GST) collections in August saw a significant increase, totaling Rs 1,74,962 crore, which marks a 10% rise from the same period last year, according to official statement of government. This growth was observed across all categories: Central GST (CGST), State GST (SGST), Integrated GST (IGST), and cess.
A year before, the gross GST revenue collected in the month of August, 2023 was Rs 1,59,069 crore.
For the month before, the collections were totalled at Rs 182,075 crore.
In August 2024, domestic revenue grew 9.2 per cent to about Rs 1.25 lakh crore. Gross GST revenues from import of goods were up 12.1 per cent to Rs 49,976 crore.
Refunds worth Rs 24,460 crore were issued during the month, registering an increase of 38 per cent over the year-ago period.
After adjusting refunds, net GST revenue increase was 6.5 per cent at Rs 1.5 lakh crore during the month under review.(more to come)
Content Source: economictimes.indiatimes.com