Gross GST Collections Rise 15% To ₹2 Lakh Crore In August, Tax Revenues Record Strong Year-on-Year Growth

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.

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 July

While August collections recorded strong year-on-year growth, they were lower than the previous month's ₹2.11 lakh crore.

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.