News Brief
India's GST Collection Registers 6.5 Per Cent Growth In September, Touch Rs 1.73 Lakh Crore
February GST Collections Surge to Rs 1.68 Lakh Crore.
India's GST collections for September stood at Rs 1.73 lakh crore, registering a growth of 6.5 per cent year-on-year.
In September 2023, the GST collection stood at Rs 1.63 lakh crore.
After refunds, the government's net GST collection for September saw a 4 per cent growth year-on-year, totalling Rs 1.53 lakh crore.
Domestic revenue in the month rose by 5.9 per cent, reaching Rs 1.27 lakh crore, while revenue from the imports of goods witnessed an 8 per cent growth, amounting to Rs 45,390 crore.
Refunds totalling Rs 20,458 crore were disbursed in September, reflecting a 31 per cent increase from the previous year.
After accounting for these refunds, the net GST revenue for September was Rs 1.53 lakh crore, which is 3.9 per cent higher than the previous year.
During its meeting on 9 September, the GST Council, chaired by Finance Minister Nirmala Sitharaman, formed a Group of Ministers (GoM) to explore lowering GST rates on life and health insurance.
The GoM, led by Bihar Deputy CM Samrat Choudhary, is expected to present its findings by the end of October.
The Council further slashed GST on cancer medications from 12 per cent to 5 per cent and on namkeens from 18 per cent to 12 per cent.
A separate GoM has been established to handle compensation cess concerns extending beyond March 2026.
A secretaries' committee will also be constituted to resolve the negative balance in IGST, focusing on fund retrieval from states.
