August GST Collections Show 10% Year-On-Year Increase, But Monthly Figures Dip Slightly
State-wise, Maharashtra recorded the highest GST collection at Rs 26,367 crore, followed by Karnataka with Rs 12,344 crore.
Gross Goods and Services Tax collections for August 2024 rose by 10% compared to the same month last year, reaching Rs 1.75 lakh crore, according to a Finance Ministry release on Sunday. However, this represents a slight decrease from the previous month's total of Rs 1.82 lakh crore.
Fine Print
Gross GST revenue: Rs 1.75 lakh crore year-on-year.
Gross CGST revenue: Rs 30,862 crore year-on-year.
Gross SGST revenue: Rs 38,411 crore year-on-year.
The year-on-year increase in August was driven by a 9.2% rise in domestic GST revenue, totaling approximately Rs 1.25 lakh crore. Additionally, revenue from the import of goods grew by 12.1%, amounting to Rs 49,976 crore.
Despite the overall growth, net GST revenue—after accounting for refunds—stood at Rs 1.50 lakh crore in August, reflecting a notable 9.2% decrease from July's net revenue, net GST revenue in July was Rs 1.65 lakh crore
July's gross GST revenue had seen a significant rebound from June's three-year low growth rate of 7.6%. In August, gross revenues from domestic transactions rose by 9.2%, an improvement from the 8.9% increase in July. Conversely, receipts from imports grew by 12.1%, a deceleration compared to the 14.2% growth in July.
Central GST revenue for August was Rs 30,862 crore, up by 8.9% year-on-year, while gross State GST revenue was Rs 38,411 crore, marking a 7.3% increase from the previous year.
State-wise, Maharashtra recorded the highest GST collection at Rs 26,367 crore, followed by Karnataka with Rs 12,344 crore, Gujarat at Rs 10,344 crore, Tamil Nadu at Rs 10,181 crore, and Haryana with Rs 8,623 crore, according to the official data.
