For the month of August, India collected Rs 1.75 trillion in Goods and Services Tax (GST), registering a growth of 10 per cent from a year earlier, said the Ministry of Finance on Sunday, while releasing the data.
According to provisional data released by the finance ministry, the rise in domestic GST collection was 9.2 per cent, while that from imports was over 12.1 per cent.
However, the rise in net receipts slumped to 6.5 per cent, the second weakest in this financial year, from 14.4 per cent in the previous month.
Gross revenues were 3.9 per cent lower in August vis-a-vis July, when they had hit their third-highest monthly tally at over Rs 1.82 lakh crore.
The net revenues, after adjusting for refunds to taxpayers, were Rs 1,50,501 crore in August, marking a sharper 9.2 per cent drop from July.
The uptick in July’s gross GST revenues had marked a sharp recovery over June, when growth had hit a three-year low of 7.6 per cent. Net receipts growth was 6.3 per cent in June.
The gross revenues from domestic transactions were up 9.2 per cent, improving from an 8.9 per cent rise in July, while receipts from imports rose 12.1 per cent, slightly slower than the 14.2 per cent growth in the previous month, the government data said.
After accounting for refunds, net domestic receipts grew just 4.9 per cent, while revenues from goods imports expanded 11.2 per cent.
Domestic refunds had slipped 34.1 per cent year-on-year in July, and overall refunds were 19.4 per cent down to Rs 16,283 crore. Sequentially, those refunds were 18.4 per cent below June’s levels.
It is to be noted that last month, Finance Minister Nirmala Sitharaman said the GST Council’s upcoming meeting will discuss rationalisation of tax rates but a final decision on tweaking taxes and slabs will be taken later.
In terms of state-wise performance, Manipur recorded the highest spike of 38 per cent followed by Delhi (22 per cent), Assam (18 per cent) and Himachal Pradesh (14 per cent).