Goods and Services Tax (GST) collections in September reached Rs 1.73 lakh crore, marking a 6.5 percent year-on-year increase, according to data released by the Finance Ministry on Tuesday. In September 2023, the total collection stood at Rs 1.62 lakh crore.
All components, including CGST, SGST, IGST, and cess, saw year-on-year increases in September, according to official data. So far in 2024, total GST collections have been 9.5 percent higher, amounting to Rs 10.9 lakh crore, compared to Rs 9.9 lakh crore during the corresponding period in 2023.
In April 2024, the total GST mop-up surged to a record high of Rs 2.10 lakh crore.
For the financial year 2023-24, the gross GST collection totaled Rs 20.18 lakh crore, reflecting an 11.7 percent increase over the previous fiscal year. The average monthly collection for the fiscal year, which ended in March 2024, was Rs 1.68 lakh crore, surpassing the previous year’s average of Rs 1.5 lakh crore.
The surge in recent GST collections indicates a positive trajectory for India’s economy, driven by strong domestic consumption and robust import activity. These figures bode well for the country’s fiscal health and economic recovery efforts, signalling resilience amidst global uncertainties.
The Goods and Services Tax was introduced in India on July 1, 2017. States were assured compensation for any revenue loss resulting from the implementation of GST, as per the provisions of the GST (Compensation to States) Act, 2017, for five years.
Key items such as hair oil, toothpaste, soap, detergents, washing powder, wheat, rice, curd, lassi, buttermilk, wristwatches, televisions up to 32 inches, refrigerators, washing machines, and mobile phones have seen substantial reductions in GST rates, or are exempted from GST altogether, benefiting consumers.
The GST Council, a federal body consisting of the Union Finance Minister as its Chairman and the Finance Ministers of all states as members, has played a significant role in these decisions.
(With ANI inputs)