GST collections rise 10% to Rs 1.75 lakh crore in August

As per the government data released on Sunday, gross GST revenues from domestic transactions grew 9.2 per cent to about Rs 1.25 lakh crore.Revenues from import of goods were up 12.1 per cent to Rs 49,976 crore.In July, gross Goods and Services Tax (GST) mop-up was Rs 1.82 lakh crore, while in August last year it was Rs 1.59 lakh crore.M S Mani, Partner, Deloitte India, said a 10 per cent increase in collections on a year-to-month basis at the start of the festive season for the year indicates that consumption is robust and will only improve further in the coming festival months.”This would give renewed confidence that the collection targets for the year would be achieved. There are some differences in the GST collection increases across major states which may need a deep dive,” Mani said.Refunds worth Rs 24,460 crore were issued during August, 2024, which is 38 per cent more than the refunds issued in the year-ago period.