GST collection: September revenue growth slows down to Rs 1.73 lakh crore, shows govt data

GST collection: The Goods and Services Tax (GST) collections in September slowed down to a 40-month low of 6.5% in September and generated revenues of Rs 1,73,240 crore, about 1% lower than the August numbers. According to the latest data, the monthly average of GST collections dropped to Rs 1.77 lakh crore in the second quarter of FY25, down from Rs 1.86 lakh crore in the preceding quarter. The GST collection in August 2023 was Rs 1.63 lakh crore in terms of GST. 

Net GST receipts, excluding refunds to taxpayers, showed a 3.9% increase compared to the previous year, indicating the slowest growth in the current financial year. Despite this, net collections for the month were 1.5% higher than the receipts of Rs 1.52 lakh crore recorded in August.

In the previous month, domestic revenue experienced a 5.9% growth, reaching around Rs 1.27 lakh crore. Import revenue also saw an 8% increase, totaling Rs 45,390 crore. Refunds totaling Rs 20,458 crore were issued during the same period, reflecting a 31% rise from the previous year.