A year before, the gross GST revenue collected in the month of August, 2023 was Rs 1,59,069 crore.
For the month of July, the collections were totalled at Rs 182,075 crore. So far in 2024, the total GST collection has been 10.1 per cent higher at Rs 9.13 lakh crore, as against Rs 8.29 lakh crore mopped up in the corresponding period of 2023.
In April, the total GST mop-up surged to a record high of Rs 2.10 lakh crore.
In August 2024, domestic revenue grew 9.2 per cent to about Rs 1.25 lakh crore. Gross GST revenues from import of goods were up 12.1 per cent to Rs 49,976 crore.
Refunds worth Rs 24,460 crore were issued during the month, registering an increase of 38 per cent over the year-ago period.After adjusting refunds, net GST revenue increase was 6.5 per cent at Rs 1.5 lakh crore during the month under review.The GST council is likely to meet on September 9 or later where Finance Minister Nirmala Sitharaman led- panel will discuss rationalisation of tax rates but a final decision on tweaking taxes and slabs will be taken later. She also said that compensation cess on luxury and sin goods are also going to be discussed in the upcoming meeting.
The panel also tasked the fitment committee — a group of tax officers — to analyse the implication of tinkering rates on some items and present them before the GST council.
GST was introduced on July 1, 2017, and states were assured of compensation for the revenue loss till June 2022, arising on account of the GST rollout.