GST Collection of August 2024 Reaches INR 1.75 Lakh Crore

Concerning the financial front, gross GST collections for August 2024 show a strong 10% growth, reaching approximately ₹1.75 lakh crore.

This surge, driven by robust domestic consumption, led to a 9.2% increase in GST revenues from domestic transactions to approximately ₹1.25 lakh crore. Revenue from imported goods also saw a substantial rise of 12.1%, totalling ₹49,976 crores.

Despite the overall growth, there was a slight decrease from the ₹1.82 lakh crore collected in July 2024 when compared month-on-month. However, industry experts remain optimistic.

They point out that the 10% year-on-year increase at the commencement of the festive season is a strong indicator of sustained and potentially growing consumption in the upcoming months.

The government's ongoing efforts to simplify the GST process, especially through measures such as adjusting rates to lower working capital expenses, have been positively acknowledged.

This dedication is also evident in the ₹24,460 crore in refunds issued in August 2024, which represents a 38% upsurge from the previous year.

It has been observed that GST collections are stable, indicating that the collections may remain around ₹1.75 lakh crore in the upcoming months.

However, the variation in growth rates among major states suggests areas where tax authorities may be required to increase compliance efforts, especially in states like Gujarat, Andhra Pradesh, and Tamil Nadu, which reported single-digit increases.

With the approach of the festive season, the subsequent few months are anticipated to witness a rise in the GST collection, sustaining the optimistic outlook of the government on attaining its yearly targets.

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