India’s Goods and Services Tax (GST) collections reached Rs.1.73 lakh crore in September, reflecting a year-on-year growth of 6.5%, according to official data. This is an increase from Rs.1.63 lakh crore collected during the same month last year.
After accounting for refunds, the net GST revenue for September rose by approximately 4% year-on-year, totaling Rs.1.53 lakh crore. In August, GST collections surged by 10% compared to the previous year, amounting to Rs.1.74 lakh crore, with gross revenue of Rs.1.59 lakh crore collected.
In July, the total GST collections were reported at Rs.1.82 lakh crore. For the year 2024, the cumulative GST collection stands at Rs.9.13 lakh crore, which is 10.1% higher than the Rs.8.29 lakh crore collected during the same period in 2023.
GST was implemented on July 1, 2017, and states were promised compensation for revenue losses incurred due to the rollout, which was guaranteed until June 2022.
During a meeting on September 9, the GST Council, led by Finance Minister Nirmala Sitharaman, established a Group of Ministers (GoM) to explore potential reductions in GST rates for life and health insurance. The GoM, headed by Bihar Deputy Chief Minister Samrat Choudhary, is expected to deliver its report by the end of October.
Additionally, the Council has reduced the GST on cancer medications from 12% to 5% and on namkeens from 18% to 12%. A GoM has also been created to tackle the issue of compensation cess beyond March 2026, and a committee of secretaries will focus on addressing the negative balance in Integrated Goods and Services Tax (IGST) to facilitate fund retrieval from states.
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