GST, auto sales, UPI data point to resilient growth in August
In August, India's GST collections rose by 14.8%, totaling ₹2 lakh crore. The surge in bulk car sales by 36% indicates robust consumer enthusiasm, while the UPI system hit a record with 24.51 billion processed transactions, pointing to a rise in digital transactions. Additionally, power consumption surged by 12.9%, portraying an ongoing economic recovery following a solid June quarter.
India's total GST collections rose 14.8% in August compared to the previous year, reaching Rs 2 lakh crore. Meanwhile, auto sales increased by 36% to 448,000 units, and the UPI platform processed a record 24.51 billion transactions worth Rs 29.82 lakh crore during the month. Power consumption also rose 12.9% year-on-year to 169 billion units.
These indicators suggest that the economy remains resilient despite global uncertainties and recent tariff headwinds. Abhishek Jain, a tax expert at KPMG, noted that these strong GST collections signal robust consumer demand and healthy economic activity. With the festive season approaching, revenue collections are likely to continue growing, according to Saurabh Agarwal, a tax partner at EY India.
Written by urgent.news from The Economic Times - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
