GST Collection: Good news came on the first date, government treasury filled with GST… 10% increase in August

On the first day of September, 1 September 2024, good news has come for the central government led by Prime Minister Narendra Modi. Actually, the GST collection figures released on Sunday have been excellent and in August the GST collection has increased by 10 percent on an annual basis and its figure has reached the level of Rs 1.75 lakh crore. However, this figure is less than the previous month of July.

This was the collection in August last year
If we look at the GST collection figures released by the Modi government, the GST collection of Rs 1,74,962 crore in August includes CGST of Rs 39,586 crore and SGST of Rs 33,548 crore. In the same period last year i.e. in August 2023, the GST collection was Rs 1.59 lakh crore. The GST collection in July was Rs 1.82 lakh crore.

Refunds worth Rs 24,460 crore issued
According to government data, domestic revenue grew by 9.2 per cent to about Rs 1.25 lakh crore in August 2024. At the same time, GST revenue from import of goods increased by 12.1 per cent to Rs 49,976 crore. Refunds of Rs 24,460 crore were issued during this month, which is 38 per cent more than the same period a year ago. After adjusting for refunds, the net GST revenue in August has increased by 6.5 per cent to Rs 1.5 lakh crore.

This year the government treasury is full
If we look at the GST collection figures so far in the financial year 2024-25, this is the third biggest figure since April. The highest GST collection till date was at the beginning of the financial year. If we look at the month-wise figures of GST collection in FY25…

April 2024 Rs 2.10 lakh crore
May 2024 Rs 1.73 lakh crore
June 2024 Rs 1.74 lakh crore
July 2024 Rs 1.82 lakh crore

GST was implemented in 2017
Goods and Services Tax (GST) was implemented across the country on 1st July 2017 replacing the old indirect tax system. It is considered to be the biggest tax reform in the country since independence. According to the central government, GST, implemented 7 years ago, has helped in reducing the tax burden on the people of the country. The government has recently launched an offer scheme regarding GST.