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Experts believe the increase in collections for the month is also attributable to the increased focus on GST investigations and audits, which typically increase compliance and resultant collections.
India collected Rs 1.75 trillion in Goods and Services Tax (GST) for the month of August, registering a growth of 10 per cent from a year earlier.
Experts say the momentum is expected to continue in the coming festival months.
According to provisional data released by the finance ministry on Sunday, the rise in domestic GST collection was 9.2 per cent, while that from imports was over 12.1 per cent.
The August number is related to goods consumed and services availed in July.
“A ten per cent increase in collections on a year-on-year basis at the start of the festive season for the year indicates that consumption is robust and will only improve further in the coming festival months,” said M. S Mani, partner, Deloitte.
He said that this would give renewed confidence that the collection targets for the year would be achieved. There are some differences in the GST collection increases across major states, which may need a deep dive.
Experts believe the increase in collections for the month is also attributable to the increased focus on GST investigations and audits, which typically increase compliance and resultant collections.
The ability of large states like Maharashtra, Karnataka, Uttar Pradesh, Madhya Pradesh, and Haryana to record double-digit increases in collections once again indicates robust consumption in these states, accompanied by the tax authorities’ measures to improve compliance and crack down on evasion.
However, the single-digit increase in large states like Gujarat, Andhra Pradesh, and Tamil Nadu would engage the attention of the tax authorities in these states.
First Published: Sep 01 2024 | 5:50 PM IS
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