Goods and Services Tax (GST) collections grew nearly 11% on-year to `1.59 trillion in August (July transactions), broadly hovering around the government’s target of an average monthly GST receipt of `1.6 trillion in the current fiscal.
The average monthly GST collections in the first five months of 2023-24 have been `1.65 trillion , thanks to a whopping `1.87 trillion in April (aided by year-end transactions in March).
Going by the trend so far, central GST collections will likely exceed the FY24 target of `8.1 trillion by a decent margin, helping the government achieve its aggregate revenue target for the year. The government has factored in around `1.5 trillion in monthly gross GST collections in the Budget for 2023-24.
“The headline GST number is marginally lower than our forecast, dampened by imports. However, the overall collections so far this year remain robust,” Aditi Nayar, chief economist at rating agency Icra, said. Icra was expecting collections of `1.62 trillion in August.
During August, revenues from import of goods were 3% higher, while that from domestic transactions (including import of services) were 14% higher than the revenues from these sources during the same month last year.
Despite monsoon disruptions, e-way bills generated by businesses for the movement of goods in July rose to 87.95 million from 86.05 million in June. However, the trucking capacity utilisation may have been lower during the month due to 13% surplus rainfall against the normal benchmark.
Analysts see these GST collections, coming in the backdrop of the good GDP growth of 7.8% in Q1, heralding the onset of the festive season where consumption increases.
“The increase in the collections arising from domestic transactions being 14% higher than last year also supports the other economic data. All the key manufacturing and consuming states have shown an increase ranging from 10% to 23% indicating that the overall increase in domestic consumption is fairly widespread across states,” MS Mani, Partner, Deloitte India, said.
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