The Central Government has released the Gross and Net GST Collections for August 2024, showing a significant growth in revenue.
Here are the key highlights:
Gross GST Collections
– Total Gross GST Revenue for August 2024 was ₹1,74,962 crore, reflecting a 10% increase compared to ₹1,59,069 crore in August 2023.
– Year-to-Date (YTD) Gross GST Revenue reached ₹9,13,855 crore, up 10.1% from ₹8,29,796 crore in the same period of the previous year.
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Net GST Collections
– Total Net GST Revenue for August 2024 was ₹1,50,501 crore, marking a 6.5% growth from ₹1,41,346 crore in August 2023.
– YTD Net GST Revenue stood at ₹8,06,475 crore, reflecting a 10.2% increase from ₹7,32,144 crore in the corresponding period of 2023.
Breakdown of Components
– CGST (Central Goods and Services Tax):
– Gross collections were ₹30,862 crore in August 2024, compared to ₹28,328 crore in August 2023.
– Net collections after refunds were ₹27,244 crore, up from ₹25,989 crore.
– SGST (State Goods and Services Tax):
– Gross collections reached ₹38,411 crore, up from ₹35,794 crore.
– Net collections after refunds were ₹34,006 crore, compared to ₹32,913 crore.
– IGST (Integrated Goods and Services Tax):
– Gross collections were ₹93,621 crore, including ₹49,028 crore from imports, up from ₹83,251 crore.
– Net collections after refunds were ₹77,720 crore, up from ₹71,036 crore.
– CESS:
– Gross collections were ₹12,068 crore, up from ₹11,695 crore.
– Net collections after refunds stood at ₹11,531 crore, slightly higher than ₹11,408 crore in August 2023.
Refunds
– Total refunds issued in August 2024 amounted to ₹24,460 crore, which is a 38% increase from ₹17,723 crore in August 2023. This includes domestic refunds and export IGST refunds.
State-wise Performance
– States like Maharashtra, Karnataka, and Uttar Pradesh showed double-digit growth in GST collections, while some northeastern states like Arunachal Pradesh and Meghalaya saw declines.
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