Total Gross GST Revenue for August 2024 Reached INR 1.75 Lakh Crore: CBIC The total gross GST revenue for August 2024 reached INR 1.75 lakh crore, a 10 per cent increase from INR 1.59 lakh crore in August 2023
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India's Goods and Services Tax (GST) collections for August 2024 marked a significant improvement, reflecting both economic growth and enhanced compliance. The total gross GST revenue for August 2024 reached INR 1.75 lakh crore, a 10 per cent increase from INR 1.59 lakh crore in August 2023. This growth is a strong indicator of the economy's recovery and expansion, especially considering the domestic and import-related collections. The country's domestic collections, which form the backbone of GST revenues, saw a rise of 9.2 per cent, from INR 1.15 lakh crore in August 2023 to INR 1.25 lakh crore in August 2024.
The Central Board of Indirect Taxes and Customs revealed that the Central GST (CGST) increased by 9 per cent, from INR 28,328 crore to INR 30,862 crore, and State GST (SGST) surged by 7 per cent, from INR 35,794 crore to INR 38,411 crore. The Integrated GST (IGST), which includes inter-state trade collections, showed the most robust growth of 12.3 per cent, totaling INR 44,593 crore. Cess collections, primarily aimed at compensating states for revenue loss, also saw an increase of 4 per cent to INR 11,120 crore.
On the imports and refunds front, GST collected from imports also reflected robust growth, rising by 12.1 per cent to INR 49,976 crore in August 2024. This can be attributed to stronger international trade activity. However, export-related refunds also increased significantly, with total refunds rising by 38 per cent year-over-year.
The state-wise breakdown of GST revenue offers further insights into regional economic performance. Maharashtra, India's largest industrial state, recorded a 13 per cent increase in GST collections, bringing in INR 26,367 crore in August 2024. Delhi also posted a substantial 22 per cent growth, underscoring its expanding service sector. Some smaller states like Manipur saw an impressive 38 per cent rise, highlighting the improved economic activity in the northeastern regions. However, states like Arunachal Pradesh and Chhattisgarh experienced negative growth, with collections declining by 10 per cent and 3 per cent respectively.
The year-to-date (YTD) figures reveal sustained momentum in GST collections, with total revenues from April to August 2024 standing at INR 9.14 lakh crore, a 10.1 per cent increase compared to the same period in 2023. The August 2024 GST collections demonstrate a positive trend for India's economy. Despite challenges like global uncertainties and inflationary pressures, the steady increase in GST revenues, driven by both domestic activity and imports, is encouraging.
