Goods and Services Tax (GST) collections for August 2024 reached Rs 1.74 lakh crore, marking a 10 percent increase compared to August 2023, when collections stood at Rs 1.59 lakh crore, reports said on Sunday. This growth reflects a robust performance across all GST components, including CGST, SGST, IGST, and cess.
For the year 2024 to date, total GST collections have amounted to Rs 9.13 lakh crore, representing a 10.1 percent rise from the Rs 8.29 lakh crore collected during the same period in 2023. April 2024 witnessed a record high GST collection of Rs 2.10 lakh crore. Collections for July 2024 were Rs 1.82 lakh crore, while May and June saw Rs 1.73 lakh crore and Rs 1.74 lakh crore, respectively.
In the fiscal year 2023-24, gross GST collections totaled Rs 20.18 lakh crore, reflecting an 11.7 percent increase over the previous fiscal year. The average monthly collection for this fiscal year was Rs 1.68 lakh crore, surpassing the previous year's average of Rs 1.5 lakh crore.
These figures highlight a positive trajectory for India’s economy, indicating strong domestic consumption and buoyant import activity. This trend is encouraging for the country's fiscal health and economic recovery, demonstrating resilience amidst global uncertainties.
The Goods and Services Tax, implemented from July 1, 2017, has led to significant reforms in the taxation system, replacing the fragmented pre-GST indirect tax regime. Under the GST framework, several essential items have seen substantial reductions in tax rates or exemptions, including hair oil, toothpaste, soap, detergents, rice, and mobile phones.
