Government collects ₹1.75 lakh crore from GST in August: Second biggest collection of FY2024-25, up 10% year-on-year; ₹24,460 crore refund released

The government has collected Rs 1,74,962 (about 1.75 lakh) crore from Goods and Services Tax (GST) in August 2024. It has increased by 10% on an annual basis. In August last year, GST of Rs 1,59,069 (1.59 lakh) crore was collected. During this period, the government has collected 1.25 lakh crore tax from domestic business i.e. business happening within the country. It has grown by 9.2% on an annual basis. At the same time, the government has collected 49,976 crore as revenue through imports. It has increased by 12.1% in a year. GST collection shows the health of the economy GST collection is an indicator of the overall health of the economy. On the GST collection figures for the month of April, KPMG National Head Abhishek Jain said that the highest GST collection till date reflects a strong domestic economy. GST was implemented in 2017 The government implemented GST across the country on 1 July 2017. After this, 17 taxes and 13 cess of the central and state governments were abolished. On the completion of 7 years of GST, the Finance Ministry posted about the achievements made during the last seven years. GST is an indirect tax. It was implemented in 2017 to replace a variety of previous indirect taxes (VAT), service tax, purchase tax, excise duty and many indirect taxes. GST has four slabs of 5, 12, 18 and 28%.

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