On a gross basis, revenue from domestic transactions in August 2024 increased by 9.2 per cent to Rs 1.25 lakh crore while revenue from imports increased by 12per cent to Rs 49,900 crore, thus imports accounting for 28.5 per cent of the gross collections during the month.
Of the total Rs 1.74 lakh crore gross collection, Rs 30,862 crore was collected as Central GST, Rs 38,411 crore as State GST and Rs 93,621 crore as Integrated GST. An amount of Rs 12,068 crore was collected as Cess.
The moderation in GST revenue growth could also be on account of large states like Tamil Nadu (7 per cent), Gujarat (6 per cent), Bihar (8 per cent), Rajasthan (5 per cent) and West Bengal (6 per cent) showing single-digit growth. Among larger states, Andhra Pradesh reported a 5per cent decline in collection.
“The ability of large states like Maharashtra, Karnataka, UP, MP and Haryana to record double-digit increases in collections once again indicates the robust consumption in these states accompanied by the tax authorities’ measures to improve compliance and crack down on evasion. However, the single-digit increase in large states like Gujarat, AP and Tamil Nadu would engage the attention of the tax authorities in these states,” says MS Mani of Deloitte.
