GST Collections Rise 15% in August to Around ₹2 Lakh Crore

India's Goods and Services Tax (GST) collections came in at around ₹2 lakh crore in August, according to data available on the GST portal. This was about 15% higher than the ₹1.74 lakh crore collected in August last year. 

The August collection is based on goods consumed and services used in July. While collections were strong compared with last year, they were lower than the ₹2.11 lakh crore collected in July. 

Domestic and Import Collections 

Revenue from domestic transactions increased 9.3% to more than ₹1.37 lakh crore in August. 

GST on imports recorded a faster growth of 29%, up to ₹62,604 crore. Gross Central GST for the month was ₹38413 crore, and State GST was ₹46316 core. Integrated GST crossed the ₹1.15 lakh crore mark. 

Net GST Collection at ₹1.68 Lakh Crore 

The data showed GST refunds jumped massively 68% was at ₹31,795 crore during August. 

Net of refunds, net GST collection by the government was ₹1.68 lakh crore, an 8.3% increase year-on-year from August last year. 

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Conclusion 

August GST collections remained strong despite coming in below July's record level. The rise in both domestic and import-related revenue shows that tax collections are still growing, while the higher refunds brought the net collection down to ₹1.68 lakh crore. 

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