GST Council to Meet
on 9 Sept to Consider Tax Cuts on Large Size TV and ACs
Gross and Net GST Revenue Collections for the
month of Aug, 2024
GST
Collections: The Goods
and Services Tax (GST) collections in August 2024 witnessed a 10% increase
compared to the same period last year, amounting to Rs 1,74,962 crore. This
growth was evident across all categories, including Central GST (CGST), State
GST (SGST), Integrated GST (IGST), and cess.
In
August 2023, the gross GST revenue collected was Rs 1,59,069 crore. The
previous month's collections totaled Rs 1,82,075
crore. The cumulative GST collection for 2024 has been 10.1% higher at Rs 9.13
lakh crore, compared to Rs 8.29 lakh crore collected in the corresponding
period of 2023. Notably, in April, the total GST mop-up reached a record high
of Rs 2.10 lakh crore.
Domestic
revenue in August 2024 grew by 9.2% to approximately Rs 1.25 lakh crore, while
gross GST revenues from the import of goods increased by 12.1% to Rs 49,976
crore. Refunds amounting to Rs 24,460 crore were issued during the month,
marking a 38% increase over the previous year. After adjusting for refunds, the
net GST revenue increase for the month under review was 6.5%, reaching Rs 1.5
lakh crore.
The
GST council, led by Finance Minister Nirmala Sitharaman, is expected to convene
on September 9 or later to discuss the rationalization of tax rates. However, a
final decision on adjusting taxes and slabs will be made at a later stage. The
upcoming meeting will also address the compensation cess on luxury and sin
goods. The fitment committee, consisting of tax officers, has been assigned the
task of analyzing the implications of modifying rates
on certain items and presenting their findings to the GST council.
It
is worth noting that GST was introduced on July 1, 2017, and states were
guaranteed compensation for revenue loss until June 2022, resulting from the
GST rollout.