NewsBytes
    Hindi Tamil Telugu
    More
    In the news
    Narendra Modi
    Amit Shah
    Box Office Collection
    Bharatiya Janata Party (BJP)
    OTT releases
    Hindi Tamil Telugu
    NewsBytes
    User Placeholder

    Hi,

    Logout

    India
    Business
    World
    Politics
    Sports
    Technology
    Entertainment
    Auto
    Lifestyle
    Inspirational
    Career
    Bengaluru
    Delhi
    Mumbai

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
    Home / News / Business News / India's August GST collections grow 10% YoY to ₹1.75 trillion
    Summarize
    Next Article
    India's August GST collections grow 10% YoY to ₹1.75 trillion
    India's GST collections show positive annual trend

    India's August GST collections grow 10% YoY to ₹1.75 trillion

    By Akash Pandey
    Sep 01, 2024
    06:15 pm

    What's the story

    India's Goods and Services Tax (GST) collections reached ₹1.75 lakh crore in August 2024, reflecting a slight decrease compared to ₹1.82 lakh crore collected in July.

    Despite the slight dip month-on-month, this figure still represents a 10% increase year-on-year compared to August 2023's collection of ₹1.59 lakh crore.

    Annual increase

    Year-to-date GST collections show steady growth

    The cumulative GST collections for the first five months of 2024 have also seen a rise, with an increase of 10.1% to ₹9.14 lakh crore.

    This figure includes both domestic and import revenue, which grew by 9.2% and 12.1%, respectively, in August.

    After adjusting for refunds, net domestic revenues were slightly higher at ₹1.11 lakh crore, marking a modest growth of 4.9%.

    Revenue rise

    IGST revenues and net GST revenue increase

    In contrast to domestic revenues, Integrated Goods and Services Tax (IGST) revenues saw a more significant increase of 11.2%.

    Net domestic revenues increased by 14.4% last month, reaching ₹1.66 lakh crore.

    The net GST revenue for the month stood at ₹1.5 lakh crore, marking a 6.5% rise compared to last year's figures.

    This growth was observed despite the total refund amount being ₹24,460 crore in August, with domestic refunds accounting for 58% of this figure.

    Cumulative growth

    Cumulative net GST revenue till August shows annual improvement

    The cumulative net GST revenue until August was ₹8.07 lakh crore, marking a 10.2% increase from last year.

    This figure indicates a consistent upward trend in India's GST collections on an annual basis, despite slight dip in August compared to July.

    The GST council could convene on September 9 to discuss GST rates on life insurance, per Moneycontrol.

    The government aims to reduce taxes on basic life insurance, currently subject to an 18% GST, while keeping investment-linked insurance rates unchanged.

    Facebook
    Whatsapp
    Twitter
    Linkedin
    Related News
    Latest
    GST

    Latest

    Paresh Rawal returns signing amount after quitting 'Hera Pheri 3' Paresh Rawal
    India's Indus treaty move at UN: Pahalgam attack last straw Climate Change
    Salman not replacing Amitabh Bachchan on 'KBC,' confirms director Amitabh Bachchan
    Russian MPs extend support to India in combating transnational terror Kanimozhi Karunanidhi

    GST

    Over 100 online gaming firms under scrutiny for GST evasion Supreme Court Of India
    Dream11, other gaming firms face GST notices worth Rs. 55,000cr India
    GST Council meeting on October 7: What's on agenda Business
    Online gaming companies served tax notices worth Rs. 1L crore Business
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2025