look news india
Gross Goods and Services Tax (GST) collection reached Rs 1.75 lakh crore in August 2024, showing a growth of 10 percent year-on-year. In August 2023, the country's GST collection was recorded at Rs. 1.59 lakh crore.
However, it is worth noting here that the country's GST collection in July 2024 reached Rs. 1.82 lakh crore. During this period, the country's domestic revenue grew by 9.2 percent to Rs. 1.25 lakh crore while import revenue grew by 12.1 percent over the previous year to Rs. 49976 crore. However, after adjusting for refunds for this period, net domestic revenue grew by only 4.9 percent to Rs. 1.11 lakh crore. While IGST revenue has seen an increase of 11.2 percent. Last month, net domestic revenue grew by 14.4 percent to Rs. 1.66 lakh crore. Meanwhile, net GST revenue was Rs. 1.5 lakh crore which shows a growth of 6.5 percent over the previous year. The total refund amount was Rs 24,460 crore, of which 58 percent was domestic refund while the remaining amount was exporter refund. It is worth noting that in June 2024, GST collection crossed Rs. 1.74 lakh crore. In which CGST is Rs. 39586 crore and SGST is Rs. 39586 crore. 33548 crore. In May 2024, GST collection was recorded at Rs. 1.73 lakh crore.