India’s Goods and Services Tax (GST) collections for September 2024 reached Rs 1.73 lakh crore, reflecting a year-on-year growth of 6.5 percent, according to official data. This is up from Rs 1.63 lakh crore collected in the same month last year.
Net GST revenue post refunds increased 4% to Rs 1.53 lakh crore while domestic revenues went up 5.9% to Rs 1.27 lakh crore. Imports, however, also provided a big boost by jumping 8% to Rs 45,390 crore. Refund for the period was Rs 20,458 crore, up 31% over the year-ago period.
The GST Council, in the meeting, constituted a Group of Ministers to consider reduction in GST rates on life and health insurance and submit its report by the end of October. The council reduced the GST rates on cancer medicines and namkeens.
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Source: ET
News Desk
