UPI transactions near record level of ₹29.8 lakh crore in August

India's gross Goods and Services Tax (GST) collections surged 14.8% year-on-year in August, reaching nearly ₹2 lakh crore, according to official figures. The increase was driven by higher revenues from both domestic transactions and imports, with import GST revenue jumping by 29% to ₹62,604 crore. Domestic transaction revenues grew by 9.3% to over ₹1.37 lakh crore.

The GST Council is scheduled to meet on September 12 to discuss potential measures, including simplifying registration processes for large businesses. GST collections were further divided into Central GST (CGST) at ₹38,413 crore, State GST (SGST) at ₹46,316 crore, and Integrated GST (IGST), which contributed more than ₹1.15 lakh crore.

Refunds rose by 68% year-on-year to ₹31,795 crore during August, although after accounting for refunds, net GST collections still increased by 8.3% to ₹1.68 lakh crore. The rise in refunds had a notable impact on the overall figures. While August saw strong year-on-year growth, the collections were modest compared to July, when they had grown by 15.4% year-on-year, with domestic collections up 10.1% and import revenues jumping 28.8%. Net collections in July were ₹1.81 lakh crore.