Summary:

Gross GST receipts grew by 10% in August 2024, reaching approximately Rs. 1.75 lakh crore (US$ 20.98 billion), driven by increased domestic spending. Domestic transaction revenues rose by 9.2% to Rs. 1.25 lakh crore (US$ 14.98 billion), while GST on imports surged by 12.1% to Rs. 49,976 crore (US$ 5.99 billion). July's receipts were Rs. 1.82 lakh crore (US$ 21.82 billion), and last August's were Rs. 1.59 lakh crore (US$ 19.06 billion). Experts suggest that the surge at the start of the holiday season indicates strong consumer demand and is promising for meeting annual targets.

Analysts noted that large states like Maharashtra, Karnataka, and Uttar Pradesh saw double-digit increases in GST revenues, while Gujarat, Andhra Pradesh, and Tamil Nadu experienced singledigit gains, warranting more attention from tax authorities. August refunds totaled Rs. 24,460 crore (US$ 2.93 billion), up 38% from the previous year. Net GST revenue increased by 6.5% to Rs. 1.5 lakh crore (US$ 17.98 billion). Experts anticipate that the holiday season will further boost collections.

Source: IBEF 

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