India’s Gross Goods and Services Tax (GST) collections hit a 40-month low in September 2024, growing by just 6.5% to ₹1.73 lakh crore. Net GST receipts rose by 3.9%, marking the slowest growth in the current financial year. Despite this, net collections were marginally up by 1.5% compared to August. The slowdown is attributed to weaker revenue growth from domestic transactions and imports, though imports saw a growth of 8%. GST refunds surged significantly, with overall refunds rising 31% compared to a 38% rise in August.
Month | GST Collection (₹ Crore) |
---|---|
January 2024 | ₹1,72,129 crore |
February 2024 | ₹1,68,337 crore |
March 2024 | ₹1.78 lakh crore |
April 2024 | ₹2.10 lakh crore |
May 2024 | ₹1.73 lakh crore |
June 2024 | ₹1.74 lakh crore |
July 2024 | ₹1.82 lakh crore |
August 2024 | ₹1.75 lakh crore |
September 2024 | ₹1,73,240 crore |
September’s revenues reflect August’s transactions, and despite the dip, experts predict an upswing in the coming months with the festive season. Year-to-date (April-September) collections reached ₹10.87 lakh crore, a 9.5% rise from ₹9.92 lakh crore during the same period last year.
The Goods and Services Tax (GST) is a comprehensive indirect tax that was implemented in India on July 1, 2017, replacing multiple taxes levied by the central and state governments. It is a destination-based tax applied on the supply of goods and services, with the goal of creating a unified and simplified tax structure across the country.
GST is levied at various rates depending on the type of goods or services. The major rate slabs are:
Key Points | Details |
---|---|
Why in News | India’s GST collections hit a 40-month low in September 2024, growing by just 6.5% to ₹1.73 lakh crore. |
Gross GST Collections | ₹1,73,240 crore in September 2024, a 6.5% growth, 1% down from August 2024. |
Net GST Receipts | ₹1,52,782 crore, up 3.9% compared to last year. |
Domestic vs Imports | Domestic revenues grew by 5.9%, while imports grew by 8%. |
Refund Growth | Overall refunds up 31%, with domestic refunds rising 24.3% and export-related refunds up 39.2%. |
State-wise Performance | Maharashtra: ₹26,369 crore. Karnataka: ₹12,642 crore. Tamil Nadu: ₹11,024 crore. Gujarat: ₹10,153 crore. |
Highest Growth | Haryana: 24% growth. |
Underperforming States | Telangana (1%), Rajasthan (2%), Uttar Pradesh (3%), Gujarat (flat). |
GST Collection Trends (Jan – Sept 2024) | Sept: ₹1,73,240 crore; Aug: ₹1,75 lakh crore; July: ₹1.82 lakh crore; Jan: ₹1,72,129 crore. |
Year-to-Date GST (April-Sept 2024) | ₹10.87 lakh crore, 9.5% rise from ₹9.92 lakh crore in 2023. |
GST Overview | Implemented on July 1, 2017, to replace multiple taxes with a unified system. |
GST Structure | CGST (Central Goods and Services Tax), SGST (State Goods and Services Tax), IGST (Integrated Goods and Services Tax). |
Cess on GST | Levied on luxury goods to compensate states for revenue loss. |
GST Objectives | Simplification, economic integration, efficiency, and revenue enhancement. |
GST Rate Structure | 0%: Essential goods. 5%: Processed foods, pharmaceuticals. 12%-18%: Common goods. 28%: Luxury items. |
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