The Business Bytes
New Delhi, October 1, 2024 (TBB Bureau): The growth rate of Goods and Services Tax (GST) revenue slowed to 6.5% in September, with collections totaling Rs 1.73 lakh crore. The dip is attributed to a slower rise in collections from both domestic transactions and imports.
Despite this, tax experts remain optimistic about the months ahead, citing the upcoming festival season, which could boost collections.
According to government data released on Tuesday, GST revenues in September 2023 stood at Rs 1.63 lakh crore. In comparison, the mop-up in August 2024 was slightly higher at Rs 1.75 lakh crore.
Breaking down the figures, domestic GST revenue grew by 5.9% to approximately Rs 1.27 lakh crore, while revenue from the import of goods increased by 8%, reaching Rs 45,390 crore.
Refunds issued during the month amounted to Rs 20,458 crore, marking a 31% rise compared to the same period last year. After accounting for refunds, the net GST revenue for September stood at Rs 1.53 lakh crore, which is 3.9% higher year-on-year.
For the April-September period of the current fiscal year, GST collections grew by 9.5%, surpassing Rs 10.87 lakh crore.
