India’s August gross GST collections rise about 15% to nearly ₹2 lakh crore

Higher revenue from imports supported the monthly collections, while domestic transactions also recorded growth despite a sharp rise in refunds

New Delhi: India's gross Goods and Services Tax (GST) collections rose 14.8% year-on-year to nearly ₹2 lakh crore in August, supported by higher revenues from both domestic transactions and imports.Gross GST revenue stood at ₹1,99,853 crore during the month, compared with ₹1,74,116 crore in August last year.Import GST Revenue Jumps 29%GST collections from domestic transactions increased 9.3% to more than ₹1.37 lakh crore in August.Import-related revenues recorded a much sharper increase, jumping 29% to ₹62,604 crore, providing a significant boost to the overall tax collection.GST Council To Meet On September 12, May Consider Simplifying Registration For Large Businesses Central GST (CGST) collections stood at ₹38,413 crore, while State GST (SGST) revenue came in at ₹46,316 crore. Integrated GST (IGST) contributed more than ₹1.15 lakh crore.Refunds Surge 68%Refunds rose sharply during August, increasing 68% year-on-year to ₹31,795 crore.After adjusting for refunds, net GST collections stood at ₹1.68 lakh crore, representing an 8.3% increase from the corresponding period last year.The gap between gross and net growth reflects the sharp rise in refunds during the month.Collections Moderate From JulyWhile August collections recorded strong year-on-year growth, they were lower than the previous month's ₹2.11 lakh crore.GST 2.0 Boosted Auto Industry, Helped Indian Economy Withstand West Asia War: Maruti Chairman RC Bhargava In July, gross GST revenue had increased 15.4% year-on-year, with domestic collections rising 10.1% and import revenues jumping 28.8%. Net collections stood at ₹1.81 lakh crore.The August numbers nevertheless indicate continued momentum in GST revenues, with import-related collections once again growing substantially faster than revenues generated from domestic transactions.