The Goods and Services Tax (GST) is an important parameter of India’s economic health, and the GST collection for August 2024 has once again highlighted the strength of the Indian economy. With the total GST collection for August 2024 reaching ₹1,74,962 crore, this marks a significant 10% year-on-year growth compared to August 2023. This blog explores the GST collection data for August 2024, analyses the trends, and compares it with the GST Collection data for July 2024 to provide a detailed understanding of the ongoing economic dynamics.
GST Collection August 2024: Key Figures
August 2024 witnessed a robust GST revenue of ₹1,74,962 crore, which includes:
- Central GST (CGST): ₹30,862 crore
- State GST (SGST): ₹38,411 crore
- Integrated GST (IGST): ₹93,621 crore
- Cess: ₹12,068 crore
This strong performance reflects a 10% growth compared to August 2023, when the total collection was ₹1,59,069 crore. The data indicates sustained economic activities and improved GST compliance across the country.
Comparative Analysis Of GST Collection: August 2024 vs. July 2024
When we compare the GST collection of August 2024 with July 2024, which recorded a total GST revenue of ₹1,82,075 crore, there is a slight dip of around 4%. However, this fluctuation is typical in the monthly GST collection trends due to the varying economic activities across months. Despite the slight decrease from July, the year-on-year growth is a positive sign of the economy’s steady recovery.
- CGST and SGST Comparison:
- July 2024: CGST ₹32,386 crore; SGST ₹40,289 crore
- August 2024: CGST ₹30,862 crore; SGST ₹38,411 crore
CGST and SGST collections in August 2024 were slightly lower than in July 2024. The CGST dropped by approximately 4.7%, while the SGST fell by around 4.6%. This minor decline could be attributed to seasonal factors and the timing of tax payments.
- IGST and Cess Comparison:
- July 2024: IGST ₹96,447 crore; Cess ₹12,953 crore
- August 2024: IGST ₹93,621 crore; Cess ₹12,068 crore
IGST and Cess collections also observed a marginal decrease in August compared to July, by 2.9% and 6.8%, respectively. However, the overall year-on-year growth remains strong, reflecting a healthy and growing economy.
State-wise GST Collection August 2024
The state-wise GST collection data for August 2024 presents a mixed bag, with some states showing significant growth while others experienced a slight decline. Here are the top-performing states for GST collection for August 2024:
- Maharashtra: ₹26,367 crore, a 13% increase from August 2023
- Delhi: ₹5,635 crore, marking a substantial 22% growth from August 2023
- Haryana: ₹8,623 crore, with a 12% growth from August 2023
- Assam: ₹1,353 crore, showing an 18% increase from August 2023
- Madhya Pradesh: ₹3,438 crore, showing a 12% growth from August 2023
On the other hand, states like Andhra Pradesh and Arunachal Pradesh saw a reduction in GST collections by 5% and 10%, respectively. This disparity highlights the varied economic activities and GST compliance levels across different regions of India.
You can read the entire report of the GST Collection for August 2024 by clicking here.
The GST collection trends for August 2024 are encouraging, with consistent year-on-year growth reflecting the resilience of the Indian economy. The slight monthly dip from July 2024 is not alarming but rather indicative of the usual fluctuations in economic activities and tax payments.
Looking ahead, the government’s ongoing efforts to streamline GST compliance through the GST portal and regular updates to GST rates and returns are expected to sustain and even enhance this growth trajectory. Additionally, as the Indian economy continues to recover and expand, we can anticipate further improvements in GST revenue collections in the coming months.
Conclusion
The GST collection for August 2024, amounting to ₹1,74,962 crore, marks a significant milestone in India’s fiscal journey. The 10% year-on-year growth is a testament to the robustness of the Indian economy and the effectiveness of GST as a revenue collection mechanism. As we move forward, the focus will remain on enhancing compliance, optimising GST rates, and ensuring that the GST system continues to support India’s economic aspirations.
