look news india
New Delhi: Total GST collections rose 10 per cent to Rs 1.75 lakh crore in August due to increased domestic consumption, according to government data released today.
It is noteworthy that the Goods and Services Tax (GST) revenue in August last year was Rs 1.59 lakh crore. The GST revenue in July this year was Rs 1.82 lakh crore.
Domestic revenue from GST increased by 9.2 per cent to Rs 1.25 lakh crore in August 2024.
GST revenue from import of goods increased by 12.1 per cent to Rs 49,976 crore.
A refund of Rs 24,460 crore was given in August 2024. Which is 38 percent more than the refund paid in the same period last year. After adjusting the refund amount, the net GST revenue has increased by 6.5 percent to Rs 1.5 lakh crore.
The total GST collection in August, 2024 was Rs 1,74,962 crore. Let us tell you that the total GST collection in April, 2024 was Rs 2.10 lakh crore. Which is the highest GST collection till date.
It is worth noting that the GST Council meeting headed by Finance Minister Nirmala Sitharaman is to be held on September 9. There is a possibility of discussion on reduction in GST rates on some items in the meeting.
According to data released by the government, the total GST collection in August, 2024 was Rs 1,74,962 crore, of which CGST was Rs 39,586 crore and SGST was Rs 33,548 crore.