GST Collections Rise 11% To Rs 1.59 Lakh Crore In August
The top earner in terms of volume was Maharashtra, which saw a 23% annual growth to Rs 23,282 crore.
The gross goods and services tax for July, collected in August, rose 11% to Rs 1,59,069 crore.
The monthly GST mop-up has remained over the Rs 1.5 lakh crore mark since February, according to government data released on Friday. The average GST collection in the first quarter of the financial year 2024 was over Rs 1.69 lakh crore.
The stabilised growth in GST collections brings relief for the economy, Abhishek Jain, partner and head of indirect taxes at KPMG, said. "With (the) approaching festive season, these collections are expected to only get better in the coming months."
The highest ever collection was recorded in April for transactions in March 2023, when the gross GST revenue stood at Rs 1.87 lakh crore, buoyed by a fiscal-ending tax payout. The projection for the average collection in fiscal 2024 is Rs 1.69 lakh crore.
In August, revenue from imports of goods rose 3%, and revenue from domestic transactions, including imports of services, was 14% higher than a year earlier, according to an official release.
Break-Down Of GST Collections
Gross GST revenue: Rs 1,59,069 crore.
Central GST: Rs 28,328 crore.
State GST: Rs 35,794 crore.
Integrated GST: Rs 83,251 crore, including Rs 43,550 crore collected on import of goods.
Cess: Rs 11,695 crore, including Rs 1,016 crore collected on the import of goods.
State Collection Trends
The top earner in terms of volume was Maharashtra, which saw 23% annual growth to Rs 23,282 crore. Karnataka, which has steadily emerged as the second-top GST collector, recorded Rs 11,116 crore in collections (16% growth), followed by Gujarat at Rs 9,765 crore (12% growth). Tamil Nadu collected Rs 9,475 crore, 13% higher than last year's collections over the same period.
MS Mani, Partner at Deloitte India, said the 14% rise in domestic consumption supports other economic data. "All the key manufacturing and consuming states have shown an increase ranging from 10% to 23%, indicating that the overall increase in domestic consumption is fairly widespread across states," he said.