GST Collections for September up 6.5%, Cross Rs1.7 Lakh Crore
Moneylife Digital Team 02 October 2024
Goods and services tax (GST) revenue growth rate increased 6.5% to Rs1.73 lakh crore in September, despite slower groth in collections from domestic transactions as well as imports. However, this is the slowest growth of GST over the past 40 months. It is also lower by 1% compared with GST collection in August 2024.
 
According to data shared by the Union ministry of finance (FinMin), September's collection from domestic transactions comprises of cental GST (CGST) Rs31,422 crore, state GST (SGST) Rs39,283 crore and integrated GST (IGST) Rs46,087 crore and cess Rs11,059 crore. IGST and cess on imports were Rs44,507 crore and 883 crore during the month.
 
GST revenue growth from April to September this year is Rs10.87 lakh crore, up by 9.5% from Rs9.92 lakh crore recorded during the same period last year. While Haryana recoded higher growth of 24% to Rs9,957 crore in September, Manipur registered GST revenues of just Rs38 crore, a fall of 33% or down from Rs52 crore registered in September 2023.
 
In terms of GST revenues, Maharashtra remains at top with a collection of Rs26,369 crore, a growth of 5% over September last year. Maharashtra is followed by Karnataka with a collection of Rs12,642 crore and Tamil Nadu with Rs11,024 crore. Gujarat with a GST collection of Rs10,153 crore and Haryana with Rs9,957 crore are among the top-5 states in terms of GST revenues in September.
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