<p>New Delhi: Gross revenue collection from goods and services tax (GST) rose by 6.5 per cent year-on-year to Rs 1.86 lakh crore in August, the Union Finance Ministry data showed on Monday.</p><p>However, sequentially the GST revenue collection declined. In July, the gross GST revenue stood at Rs 1.96 lakh crore.</p><p>“On a month on month basis, the gross GST collections have shown a decline of 4.8 per cent and it would be an important input for the GST Council for assessing revenue loss as it considers the GST rate rationalisation proposals later this week,” said Karthik Mani, Partner- Indirect tax at BDO India. GST Council meeting is scheduled on September 3-4 in New Delhi.</p>.Shoppers hit pause as GST shake-up looms, festive frenzy set to roar back.<p>Domestic GST collection grew by 9.6 per cent to Rs 1.37 lakh crore, while tax from imports dipped 1.2 per cent to Rs 49,354 crore.</p><p>After refunds, the GST revenue in August stood at Rs 1.67 lakh crore, 10.7 per cent higher when compared with the same month last year. GST refunds declined by 20 per cent year-on-year to Rs 19,359 crore in August.</p><p>“The significant dip in export refunds is a clear signal of the impact that global tariffs are having on our export sector,” Saurabh Agarwal, Tax Partner, EY India.</p><p>“The Government’s steps to build relations with other developing economies would likely help in addressing these external challenges to ensure our exporters remain competitive on the world stage,” Agarwal added.</p><p>Revenue collection from central GST stood at Rs 31,474 crore, while states collected Rs 39,736 crore as States GST. Taxes on inter-state sales and imports apportioned among central government and the consuming state stood at Rs 83,964 crore. Collection from GST compensation cess stood at Rs 11,792 crore during the month under review.</p>
<p>New Delhi: Gross revenue collection from goods and services tax (GST) rose by 6.5 per cent year-on-year to Rs 1.86 lakh crore in August, the Union Finance Ministry data showed on Monday.</p><p>However, sequentially the GST revenue collection declined. In July, the gross GST revenue stood at Rs 1.96 lakh crore.</p><p>“On a month on month basis, the gross GST collections have shown a decline of 4.8 per cent and it would be an important input for the GST Council for assessing revenue loss as it considers the GST rate rationalisation proposals later this week,” said Karthik Mani, Partner- Indirect tax at BDO India. GST Council meeting is scheduled on September 3-4 in New Delhi.</p>.Shoppers hit pause as GST shake-up looms, festive frenzy set to roar back.<p>Domestic GST collection grew by 9.6 per cent to Rs 1.37 lakh crore, while tax from imports dipped 1.2 per cent to Rs 49,354 crore.</p><p>After refunds, the GST revenue in August stood at Rs 1.67 lakh crore, 10.7 per cent higher when compared with the same month last year. GST refunds declined by 20 per cent year-on-year to Rs 19,359 crore in August.</p><p>“The significant dip in export refunds is a clear signal of the impact that global tariffs are having on our export sector,” Saurabh Agarwal, Tax Partner, EY India.</p><p>“The Government’s steps to build relations with other developing economies would likely help in addressing these external challenges to ensure our exporters remain competitive on the world stage,” Agarwal added.</p><p>Revenue collection from central GST stood at Rs 31,474 crore, while states collected Rs 39,736 crore as States GST. Taxes on inter-state sales and imports apportioned among central government and the consuming state stood at Rs 83,964 crore. Collection from GST compensation cess stood at Rs 11,792 crore during the month under review.</p>