GST collections grow 6.5% YoY for September at Rs 1.73 Lakh Cr, ETCFO
India’s Goods and Services Tax revenue collection for the month of September stood at Rs 1,73,240 Crore, marking a 6.5 % increase from Rs 1,62,712 Crore in September of 2023.
When compared to August 2024, India recorded a monthly GST collection of Rs 1,74,962 crore.
Domestic Gross Revenue in September grew by 10.4% at Rs 1,27,850 Crore.
The CGST collections rose to Rs 31,422 Crore, while SGST collections increased to Rs 39,283 crore. IGST, which includes revenues from imports, surged to Rs 90,594 crore, and cess collections amounted to Rs 11,941 Crore.
Revenue from Imports
The gross GST revenue from imports in September 2024 stood at Rs 45,390 crore, up by 6.8% compared to Rs 42,026 Crore in September 2023. The IGST collected on imports alone amounted to Rs Rs 44,507 Crore, indicating an increase in import activities.
The cess collected from imports too increased to Rs 883 Crore, a slight increase from Rs 881 Crore in September last year.
Net Revenue Collections
After accounting for refunds, the net GST revenue stood at Rs 1,52,782 Crore for September 2024, a 9.1% increase from Rs 1,47,098 Crore in September 2023.
Regional Growth Variations
Among the states, Maharashtra recorded the highest GST collections, registering Rs 26,369 crore, a 5% increase compared to September 2023.
Karnataka and Tamil Nadu are next in the row of highest GST collections at Rs 12,642 Crore and Rs 11,024 Crore respectively.
However, Lakshadweep and Mizoram recorded the lowest of GST Collections at Rs 1 Crore and Rs 26 Crore respectively.
“The revenue growth of Maharashtra in single digits, despite robust economic activity, implies that much of the revenue gain is being offset by refund claims, especially in manufacturing and export-heavy states. This imbalance could impact states’ ability to invest in infrastructure and social programs,” said Rajat Mohan, Executive Director at MOORE Singhi.
The double-digit refund growth may require the central government and state authorities to revisit refund policies and efficiency in tax collection to ensure that net revenue growth keeps pace with gross collection figures, Singhi added.
GST Collections FY25
