GST Collections Increase by 10% to ₹1.75 Lakh Crore in August
In July 2024, India’s Goods and Services Tax (GST) collections rose by 10.3% to ₹1,82,075 crore, marking a significant increase from ₹1,65,105 crore in July 2023. This uptick highlights strong domestic consumption and economic resilience.
July 2024 Collection: ₹1,82,075 crore, a 10.3% year-on-year increase.
Year-to-Date 2024: Total GST collections stand at ₹7,38,894 crore, up 10.2% from ₹6,70,766 crore in the same period of 2023.
Monthly Records: April 2024 recorded ₹2,10,000 crore, May and June saw ₹1,73,000 crore and ₹1,74,000 crore, respectively.
2023-24 Fiscal Year: Gross GST collections amounted to ₹20,18,000 crore, an 11.7% increase from the previous fiscal year. The average monthly collection was ₹1,68,000 crore, surpassing the previous year’s average of ₹1,50,000 crore.
Positive Trajectory: The rise in GST collections reflects strong domestic demand and import activities, contributing to India’s economic recovery amidst global uncertainties.
Consumer Savings: Recent GST rate adjustments have reduced prices for essentials, saving consumers approximately 4% on monthly household expenses.
Introduction: Implemented on July 1, 2017, GST replaced a fragmented indirect tax system, simplifying tax compliance and reducing cascading tax effects.
Key Items: Significant GST rate reductions or zero rates have been applied to mobile phones, refrigerators, and TVs up to 32 inches.
Structure: Chaired by the Union Finance Minister and comprising Finance Ministers of all States, the GST Council oversees the GST framework and addresses tax administration issues.
India has many cities that are famous for their unique industries, and some of them…
Some deserts are extremely hot, but some remain cold throughout the year. These cold deserts…
In today’s world, news media plays a very important role in sharing information quickly and…
PNB Housing Finance has announced the appointment of Ajai Kumar Shukla as its new Managing…
In a major push towards deepening financial inclusion, the Department of Posts (DoP) and BSE,…
India’s retail inflation, measured by the Consumer Price Index (CPI), increased modestly to 0.71% in…