GST collection 10% higher in August at Rs 1.74 lakh cr

GST Collection in Aug: The gross GST collection in August 2024 increased 10 per cent year-on-year to Rs 1,74,962 crore, official data released on Sunday showed. This was substantially higher as compared with Rs 1,59,069 crore collected in August 2023.

Strong growth in GST revenue is a sure indication of the economic recovery of the country and improved compliance. In the financial year up to August, the government has collected Rs 9,13,855 crore in GST as compared to Rs 8,29,796 crore during this period in the last year.

This points to a month-on-month increase in GST collections and is, therefore, a very good indication of the state of the economy at large, following this all-around robust economic activity. This would hence imply sustained revenue growth momentum as the year progresses.

GST Collection in July

GST collection in the country rose 10.3 per cent in July  to over Rs 1.82 lakh crore, the third-highest collection ever. The net GST revenue for the month is around Rs 1,60,000 crores after deducting the refund amount, as per the Ministry of Finance, recording a decent growth of 14.4 per cent over the month's figure of last year.

The total refunds disbursed fell 19.4 per cent to Rs 16,283 crore, adding to the overall rise in net collections. The finance ministry said the broad-based increase in GST revenue was primarily on account of domestic transactions, which rose 8.9 per cent at Rs 1,34,000 crore.