After Tax collections growth rate cumulation decreased monthly in August collected economic tax specialists noted that in consideration of the fall in sequential growth it is not a good approach to consider the numbers. Steadiness related to enormous tax collection and Taxation of Sales Axed.
According to experts, items falling under GST taxation and availing of GST credit has undertaken remarkable improvement. The goods and services tax collection in the month of August in the year 2024 stood at Rs 1,749.62 billion, which was 10% higher than the amount of Rs 1,590.69 billion in the month of August 2023.
“August figures look like they are going lower month in month out. But taking into account the buoyancy of direct taxes and indirect taxes along with the rewiring of tax rates for seven years on span, this is not a sure way of looking at it,” explained Manoranjan Sharma, chief economist at Informerics Ratings.
To put it another way, more correctly in proper, the GST has been increased on a comparative and longitudinal basis since its inception. High growth rates in ascension are easily achievable in a low optimum basis but with time this populous would increase. This base needs to be core. This is a conclusion of the raising of gst collection scenario in India.” He said.
Total goods and services tax (GST) collection in August was RS 1.74 Billion being up by 10% year on year while that of July was RS 1.82 Billion. In May and in June collection were at Rs 173 crores and Rs 174 crore respectively.
Experts too observe that the drop in GST revenue is because of the increase in tax rebates.
Saurabh said “Net GST collections have declined owing to higher refunds but total GST collections maintained growth which reflects a healthy economy. The announcement avowed by the government to cut back working capital requirements of the businesses facing an inverted duty structure is growing On increase in domestic GST refunds” Agarwal, EY Tax Partner
He too went on to add “the government will not tackle this matter immediately but seeks to do so over a period of time by way of tax rate restructuring. positive trends in GST collections in Nagaland, Assam, Andaman & Nicobar islands and ladakh” It shows the overall development of the economy across India’.
As per data, total collections of GST as updated by the authorities decreased by up till April recorded 10.1% upper level plans in 2024 at RS 9.13 billion versus RS 8.29 billion 2023 year on year.
