GST Collection September 2024 Rises to 6.5% YoY at Rs 1.73 Lakh Crore

India’s GST collection for September 2024 shows that the government has collected Rs 1.73 lakh crore, marking a growth of 6.5 per cent year-on-year. In September, last year GST collection was Rs 1.63 lakh crore.

As per the Government GST data, the net GST collection after the refunds increased 4% YoY basis to Rs 1.53 lakh crore. The GST data suggests, In September, 5.9% increase in domestic revenue, rising to approximately Rs 1.27 lakh crore. Revenue from the import of goods also grew by 8%, reaching Rs 45,390 crore.

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GST collections in August 2024

GST collection in August went up by 10% from the same period last year to Rs 1,74,962 crore. The gross GST revenue collected in August 2023 was Rs 1,59,069 crore. In July 2024, 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.

Net GST Receipts

Net GST receipts, after refunds were 3.9% higher than a year ago, marking the slowest growth in this financial year. However, net collections were 1.5% higher than August’s receipts, at Rs 1,52,782 crore. In the preceding month, net GST receipts had grown by 6.5%, while gross collections were up by 10%.

Gross domestic revenues were up 5.9% in September, with the uptick moderating 4.5% higher after adjusting for refunds, provisional numbers from the Central Board of Indirect Taxes and Customs showed. Growth in gross revenues from imports outpaced domestic revenues for the third straight month, rising 8% in September.

Haryana and Delhi Recoded Sharp Rise GST Collection

As many as seven States recorded negative revenue growth, led by a 33% contraction in Manipur, while revenues were flat in Gujarat. Ten States underperformed the national level 6% uptick in domestic revenues, including Telangana, Rajasthan, U.P and Tamil Nadu, Maharashtra and West Bengal. Poll-bound Haryana recorded the sharpest rise in revenues of 24%, followed by Delhi where receipts grew 20%.

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