GST receipts’ growth slows marginally to 10% in August

India's GST collections in August show a slight slowdown, with gross revenues at nearly ₹1.75 lakh crore.

The growth in India’s Gross Goods and Services Tax (GST) collections slowed down marginally to 10% in August from 10.3% in July, with revenues of nearly ₹1.75 lakh crore, but the rise in net receipts slumped to 6.5% from 14.4% in the previous month.

Sequentially, gross revenues were 3.9% lower in August vis-a-vis July, when they had hit their third-highest monthly tally a tad over ₹1.82 lakh crore. However, net revenues, after adjusting for refunds to taxpayers, were ₹1,50,501 crore in August, marking a sharper 9.2% drop from July’s kitty.

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%.

In August, gross revenues from domestic transactions were up 9.2%, improving from an 8.9% rise in July, while receipts from imports rose 12.1%, slightly slower than the 14.2% growth in the previous month. After accounting for refunds, net domestic receipts grew just 4.9%, while revenues from goods imports expanded 11.2%.