GST Collection Analysis August 2024
In August, GST revenue continued to rise by 10% year-on-year to reach ₹1.75 lakh crores. Notably, IGST collections surged by 12.45% compared to last year, highlighting robust growth in imports.
The rise in GST collections is backed by higher consumption and enhanced tax compliance across the nation, streamlining GST operations. As we approach the festive season, we anticipate even greater boosts in revenue driven by seasonal spending and continued economic momentum.
GST Collection Analysis July 2024
GST collections surge as July records a notable 10.3% YoY increase, hitting an impressive ₹1.82 lakh crore. The total collection for FY2024-25 has now reached ₹7.38 lakh crore, maintaining a ~10% growth rate, significantly boosted by increased revenue from imports.
This upward trend signals robust economic activity and effective tax compliance. Explore our comprehensive analysis for deeper insights into these trends and their potential impact on the economy.
GST Collection Analysis May 2024
The May GST collection data for FY24-25 reveals notable 10% Year-on-Year (YoY) growth, reaching ₹1,72,739 crore in revenue. This growth trend aligns with the broader fiscal year’s trajectory, which has seen an 11.3% YoY increase in gross collections. Driving this growth is a substantial 15.3% surge in domestic transactions, indicating a strong domestic economy fueled by increased consumer spending and business activities.
However, imports show a contrasting 4.3% slowdown, which may suggest a shift towards domestic sourcing or production. This data positively reflects the economy’s health and provides insights for policymakers to strengthen domestic economic activities while addressing challenges in international trade.
GST Collection Analysis April 2024
The GST collection for April 2024 has reached Rs. 2.1 lakh crore, a monumental milestone that shows a 12.4% increase year-on-year.
The state-wise analysis reveals regional economic trends. Northern states/UTs grow over 20%, while others see a slight dip. Furthermore, the growth in net revenue after refunds, driven by increased domestic transactions and imports, highlights the resilience of the Indian economy. This month’s collection is a testament to India’s economic strength. Let’s hope these positive trends continue to shape our nation’s financial landscape.
GST Collection Analysis March 2024
March 2024 witnessed India’s second-highest-ever GST collection, reaching Rs. 1.78 lakh crore, marking an impressive 11.5% year-on-year growth. Over the entire fiscal year 2023-24, gross GST collection amounted to Rs. 20.14 lakh crore, reflecting an 11.7% increase from the previous year. Notably, this surge was propelled by a remarkable 17.6% rise in GST collection from domestic transactions. In March 2024 alone, the Central Government disbursed Rs. 43,264 crore to CGST and Rs. 37,704 crore to SGST from the IGST pool.
Analyzing state-wise data reveals that smaller states are demonstrating robust GST penetration, evident in their growth rates. However, states like Jharkhand and Chhattisgarh have reported growth rates of less than 5%, signalling potential areas for further improvement. The momentum of increased revenue signifies that GST implementation in India is transitioning from the stabilization stage to the enhancement stage, paving the way for further economic growth and efficiency.