The government continually makes money from the GST. There is also a continuous increase in this income. According to official figures, India earned 6.5 per cent more GST in September compared to the same period last year. However, this figure is lower compared to the month of August. If we look at the matter overall, the government has earned more than Rs 9 lakh crore from GST in 9 months of the year. That in the same period last year, this figure was more than Rs 8 lakh crore. Let us also tell you what kind of GST collection figures the government has presented.
The government has presented the GST collection figures for the month of September. In the month of September, GST collection stood at Rs 1.73 lakh crore, an increase of 6.5 per cent compared to the same period last year. Last year, in the same month, the government had collected Rs 1.63 lakh crore as GST. According to the government, after the refund, the government’s net GST collection in September rose about 4 per cent year-on-year to Rs 1.53 lakh crore.
GST collection in August rose 10 per cent to Rs 1,74,962 crore over the same period last year. The gross GST revenue collected in August 2023 was Rs 1,59,069 crore. The total collection in the month of July was Rs 182,075 crore. So far in 2024, the total GST collection has been 10.1 per cent higher, reaching Rs 9.13 lakh crore, while Rs 8.29 lakh crore was collected in the same period of 2023.
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The GST Council meeting held on September 9 under the leadership of Finance Minister Nirmala Sitharaman decided to constitute a Group of Ministers (GoM) to consider reducing GST rates on life and health insurance. Headed by Bihar Deputy CM Samrat Chaudhary, the GOM will submit its report by the end of October. The Council reduced GST on anti-cancer drugs from 12 per cent to 5 per cent and on snacks from 18 per cent to 12 per cent.
