Representative image showing GST.
Credit: iStock Photo
New Delhi: Revenue collection from Goods and Services Tax (GST) jumped by 10% year-on-year to Rs 1.75 lakh crore in August led by robust increase in states like Karnataka, Maharashtra, Delhi, Uttar Pradesh and Haryana, government data released on Sunday showed.
Cumulative GST revenue collection from April to August 2024 rose to Rs 9.13 lakh crore from Rs 8.29 lakh crore recorded in the corresponding period of the previous year, posting a year-on-year increase of 10.1 per cent.
“The consistent year-on-year growth of around 10 per cent underscores the effectiveness of ongoing GST reforms and compliance measures,” said Mahesh Jaising, Partner and Leader, Indirect Tax, Deloitte India.
“The significant rise in import revenue highlights the buoyancy in the external sector, while the strong domestic collections affirm the continued momentum in the economy,” he added.
Revenue from the central goods and services tax (CGST) increased to Rs 30,862 crore in August 2024 from Rs 28,328 crore in the same month last year. State GST (SGST) increased to Rs 38,411 and integrated GST (IGST) to Rs 93,621 crore in August 2024 from Rs 35,794 crore and Rs 83,251 crore, respectively, in August 2023.
“A ten percent increase in collections on a year-to-month basis at the start of the festive season for the year indicates that consumption is robust and will only improve further in the coming festival months,” said MS Mani, Partner, Deloitte India.
“This would give renewed confidence that the collection targets for the year would be achieved,” Mani said.
There was wide divergence in revenue collections among the states. GST revenue collection in Maharashtra jumped by 13 per cent to Rs 26,367 crore. Karnataka remained the second highest contributor to the country’s indirect tax kitty, seeing an 11 per cent jump to Rs 12,344 crore. In Delhi it surged by 22 per cent, Uttar Pradesh 11 per cent, Haryana 12 per cent and Chandigarh 27 per cent.
In Andhra Pradesh, August GST revenue collection was 5 per cent lower when compared with the same month last year. In Chhattisgarh it declined by 10%. The pace of growth in Gujarat, Tamil Nadu, Telangana, Bihar and Rajasthan was lower than the national average