The government has collected Rs 1.73 lakh crore from Goods and Services Tax, i.e. GST, in September 2024. There has been an increase of 6.5% on annual basis. The government had collected Rs 1.62 lakh crore GST in September last year. Last month in August, the government had collected Rs 1.75 lakh crore from GST.
This is the second month of single digit growth in collections and the slowest pace of growth in 39 months. Gross GST collection increased by 7.7% in June. The average GST collection pace has decreased to Rs 1.77 lakh crore monthly in the second quarter as compared to Rs 1.86 lakh crore in the first quarter of FY 2025.
September is the seventh consecutive month when the monthly collection has been more than Rs 1.7 lakh crore. GST collection in the first six months of the year stood at Rs 10.87 lakh crore, which was 9.5% more than in the first half of FY24.
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 so far reflects the strong domestic economy.
GST was implemented in 2017 The government implemented GST across the country on July 1, 2017. After this, 17 taxes and 13 cesses of the Central and State Governments were removed. On 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 other indirect taxes. GST has four slabs of 5, 12, 18 and 28%.
Graphics Source: VaskarAssets
