The GST revenue figures for September 2024 showcase a promising trend, reflecting the continued resilience of the Indian economy. According to provisional data, the total gross GST collection for September 2024 stood at ₹1,73,240 crore, a 6.5% year-on-year increase compared to the same month in 2023.
Breakup of GST Collections
The revenue is composed of the following components:
– CGST ( Central Goods and Services Tax ): ₹31,422 crore, a 5.4% increase from ₹29,1 crore in September 2023.
– SGST ( State Goods and Services Tax ): ₹39,23 crore, growing by 4.3% from ₹37,657 crore.
– IGST ( Integrated Goods and Services Tax ): ₹90,594 crore, up .3% from ₹3,623 crore. Notably, this includes ₹44,507 crore collected on the import of goods.
– Cess: ₹11,941 crore, showing a modest 2.% rise from ₹11,613 crore.
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Year-to-Date Performance
From April to September 2024, gross GST collections have surged by 9.5%, reaching ₹10,7,095 crore, compared to ₹9,92,50 crore during the same period last year. This points to a 10.4% rise in domestic GST collections. The performance of import-related GST revenue was also robust, growing by 6.%.
State-Wise Performance
The revenue growth at the state level varied significantly, with certain states showing remarkable gains. Haryana saw a 24% increase in its GST revenue, while Delhi and Uttarakhand registered growth rates of 20% and 14%, respectively. Other states, including Maharashtra and Karnataka, posted steady gains of 5% and %, respectively.
However, a few states reported contractions in revenue. Nagaland experienced a 6% decline, while Manipur and Mizoram saw drops of 33% and 5%, respectively, signalling potential localised economic challenges.
Refunds and Net Revenue
One of the key highlights for September 2024 was a sharp increase in GST refunds. Total refunds reached ₹20,45 crore, a significant 31% increase from the previous year. Refunds related to exports showed an exceptional rise of 39.2%, driven by higher export activity.
On the net revenue front, after accounting for refunds, the government’s net GST revenue for September 2024 stood at ₹1,52,72 crore, a 3.9% increase from ₹1,47,09 crore in September 2023.
Economic Implications
The steady growth in GST collections reflects the underlying strength of the economy as it navigates through post-pandemic recovery. Sectors such as manufacturing and services have shown resilience, contributing to higher tax collections.
The uptick in import-related GST suggests increased demand for foreign goods, driven by rising consumer confidence and business activity.
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Overall, these trends indicate that India’s GST system continues to mature, playing a crucial role in the country’s fiscal stability.
With the festive season approaching, revenue figures for the upcoming months are expected to remain robust, further fueling optimism about economic growth prospects in FY 2024-25.
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