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:
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