GST collections surge 10% to Rs 1.75 lakh crore in August on robust growth in domestic revenue, imports

India's gross Goods and Services Tax (GST) collections in August grew 10 percent to about Rs 1.75 lakh crore, according to government data released on September 1. 

GST revenues in August 2023 stood at Rs 1.59 lakh crore, while in July the mop-up was Rs 1.82 lakh crore. 

In August 2024, domestic revenue grew 9.2 percent to about Rs 1.25 lakh crore. Gross GST revenues from import of goods were up 12.1 percent to Rs 49,976 crore. 

Refunds worth Rs 24,460 crore were issued during the month, registering an increase of 38 percent over the year-ago period. 

After adjusting refunds, net GST revenue increase was 6.5 percent at Rs 1.5 lakh crore during the month under review. 

Finance Minister Nirmala Sitharaman last month said the GST council next month will discuss rationalisation of tax rates but a final decision on tweaking taxes and slabs will be taken later. She also said that compensation cess on luxury and sin goods are also going to be discussed and can come up in the September 9 meeting or later.

The Group of Ministers (GoM) on rate rationalisation under Bihar Deputy Chief Minister Samrat Chaudhary met last week and broadly converged on retaining slabs under the Goods and Services Tax (GST) unchanged at 5, 12, 18 and 28 percent, PTI reported.

The panel also tasked the fitment committee -- a group of tax officers -- to analyse the implication of tinkering rates on some items and present them before the GST council.

"The upcoming GST Council meeting will take up the issue of rate rationalisation. There will be a discussion on the issue. Committee of officers will make a presentation on rate rationalisation," Sitharaman said. However, a final decision on rate rationalisation will be taken in a subsequent meeting, she added.