GST revenue growth rate slows in Sept

New Delhi: 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 in August 2024, the mop-up was Rs 1.75 lakh crore.

Gross domestic revenue grew 5.9 per cent to about Rs 1.27 lakh crore. Revenue from import of goods was up 8 per cent to Rs 45,390 crore.

Refunds worth Rs 20,458 crore were issued during the month, an increase of 31 per cent over the year-ago period.

After adjusting refunds, the net GST revenue in September stood at Rs 1.53 lakh crore, 3.9 per cent higher than the year-ago period.

GST collections during the April-September period of the current fiscal year grew 9.5 per cent to over Rs 10.87 lakh crore.