New Delhi20 minutes ago
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The government has collected Rs 1,74,962 (about 1.75 lakh) crore from Goods and Services Tax, i.e. GST, in August 2024. There has been an increase of 10% on an annual basis. Last year, GST of Rs 1,59,069 (1.59 lakh) crore was collected in August.
During this period, the government has collected 1.25 lakh crore tax from domestic business i.e. business happening within the country. There has been a growth of 9.2% on an annual basis. At the same time, the government has collected 49,976 crore as revenue through imports. There has been an increase of 12.1% in this in one year.
- The August collection is the fourth-largest ever collected for any month.
- The second largest GST collection of the financial year 2024-25.
- In August, the government refunded a total amount of Rs 24,460 crore.
- After refunds, net GST revenue for August stood at Rs 1,50,501 crore.
- Net GST is 6.48% higher as compared to August 2023.
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 other indirect taxes. GST has four slabs of 5, 12, 18 and 28%.
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