Government collected ₹1.73 lakh crore from GST in September: 6.5% increase on annual basis, ₹1.62 lakh crore GST was collected in September 2023

The government has raised 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.

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%.