Reflecting higher domestic consumption, the government data has showed that Gross Goods and Services Tax (GST) collections in the month of August 2024 grew 10 per cent to about Rs 1.75 lakh crore. In July 2024, gross GST mop-up was Rs 1.82 lakh crore, while in August 2023 it was Rs 1.59 lakh crore. As per the data, gross GST revenues from domestic transactions grew 9.2 per cent to about Rs 1.25 lakh crore. 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 August, 2024, which is 38 per cent more than the refunds issued in 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.
Meanwhile, the 54th GST Council meeting, chaired by the Union Finance Minister and comprising state ministers, will be held on September 9. Finance Minister Nirmala Sitharaman said the GST council 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 and can come up in the September 9 meeting or later.
