GST Collections Surge by 10% in August Reflecting Robust Domestic Consumption

Gross GST collections in August increased by 10% to approximately Rs 1.75 lakh crore, signifying higher domestic consumption. Domestic transactions and imports both saw significant growth. Experts believe this trend illustrates a robust economy and expect further improvements during the festive season.

August saw a 10% rise in Gross GST collections, reaching around Rs 1.75 lakh crore, an indication of heightened domestic consumption.

According to data released by the government, GST revenues from domestic transactions grew 9.2% to about Rs 1.25 lakh crore, while import revenues increased by 12.1% to Rs 49,976 crore.

Experts from Deloitte and EY highlighted the economic robustness and forecasted further growth as the festive season kicks in. However, variances among major states' GST collections point to potential areas needing targeted compliance measures.

(With inputs from agencies.)