GST revenue growth rate slows in September

Goods and services tax (GST) revenue growth rate declined to 6.5 per cent in September at Rs 1.73 lakh crore as the rise in collections from domestic transactions as well as imports slowed. However, with the festival season ahead, collections are expected to be better in the coming months, tax experts said. According to government data released on Tuesday, GST revenues in September last year was Rs 1.63 lakh crore, while the In August 2024, the mop-up was Rs 1.75 lakh crore.
Net GST receipts, excluding refunds to taxpayers, showed a 3.9% increase compared to the previous year, indicating the slowest growth in the current financial year. Despite this, net collections for the month were 1.5% higher than the receipts of Rs 1.52 lakh crore recorded in August. In the previous month, domestic revenue experienced a 5.9% growth, reaching around Rs 1.27 lakh crore. Import revenue also saw an 8% increase, totaling Rs 45,390 crore. Refunds totaling Rs 20,458 crore were issued during the same period, reflecting a 31% rise from the previous year.But September marks the seventh consecutive month of over Rs 1.7 lakh crore monthly collection.