GST collections in India for September were Rs 1.73 lakh crore, which is lower than August’s Rs 1.75 lakh crore. August saw a 10 per cent increase from last year with collections of Rs 1,74,962 crore. July’s collections were Rs 182,075 crore. In 2024, total collections have increased by 10.1 per cent from the same period in 2023.

India’s Goods and Services Tax (GST) collections in September hit Rs 1.73 lakh crore, marking a growth of 6.5 per cent year-on-year, official data showed.

The government had collected Rs 1.63 lakh crore as GST in the same month last year.

After refunds, the government’s net GST mop-up in September, as per the government, rose about 4 per cent year-on-year to Rs 1.53 lakh crore.

Last month saw a 5.9 per cent increase in domestic revenue, rising to approximately Rs 1.27 lakh crore. Revenue from the import of goods also grew by 8 per cent, reaching Rs 45,390 crore.

During the same period, refunds amounting to Rs 20,458 crore were issued, representing a 31 per cent increase compared to the same month last year.

After accounting for these refunds, the net GST revenue for September was Rs 1.53 lakh crore, which is 3.9 per cent higher than the previous year.

Goods and Services Tax (GST) collections in August went up by 10 per cent from the same period last year to Rs 1,74,962 crore. The gross GST revenue collected in August 2023 was Rs 1,59,069 crore.

For the month of July, the collections were totalled at Rs 182,075 crore. So far in 2024, the total GST collection has been 10.1 per cent higher at Rs 9.13 lakh crore, as against Rs 8.29 lakh crore mopped up in the corresponding period of 2023.

GST was introduced on July 1, 2017, and states were assured of compensation for the revenue loss till June 2022, arising on account of the GST rollout.

In its September 9 meet, the GST Council, led by Finance Minister Nirmala Sitharaman, decided to set up a Group of Ministers (GoM) to consider reducing GST rates on life and health insurance.Headed by Bihar Deputy CM Samrat Choudhary, the GoM will submit its report by October’s end.

The Council also reduced GST on cancer drugs from 12% to 5% and on namkeens from 18% to 12%.

A GoM has been formed to address the compensation cess issue beyond March 2026. Additionally, a secretaries’ committee will be created to resolve the negative balance in IGST, focusing on fund retrieval from states.

 

Economic Times