GST Collections Rise 6.5% YoY to ₹1.73 Lakh Crore in September 2024

By: Admin | October 01, 2024 | Categories: GST Collection | Press Release | 4 Min Read

In September 2024, India’s GST collections reached ₹1.73 lakh crore, marking a 6.5% year-on-year (YoY) increase from ₹1.63 lakh crore in September 2023. Although the growth is positive, it represents the second consecutive month of single-digit growth and the slowest pace in 39 months. After refunds, net GST collections grew by 4% YoY to ₹1.53 lakh crore.

Key highlights:

Domestic gross GST revenue increased by 5.9%.

IGST collections from imports grew by 8%.

Refunds surged by 31%, with domestic refunds rising 24.3% and export refunds jumping 39.2%.

State-wise, Haryana, Delhi, and Maharashtra exhibited strong growth in GST revenues, while Rajasthan and Gujarat showed more moderate gains. However, states like Nagaland, Manipur, and Mizoram faced revenue declines. Despite this, the total GST net revenue grew by 3.9% YoY, primarily driven by increases in IGST and cess collections.

The slower growth rate signals a cooling trend in economic activity compared to earlier months. However, the collections still indicate robust consumption patterns and effective tax administration.

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