Net GST kitty rises 10.7% to ₹1.67 trn in Aug

Gross revenue growth from the indirect tax slowed to 6.5% from 7.5% in July; refunds dipped 20%

- MONIKA YADAV

India's net revenues from the Goods and Services Tax (GST) rose at a three-month high pace of 10.7 per cent in August even as growth in gross collections slowed to 6.5 per cent from 7.5 per cent in the previous month, thanks to a nearly 20 per cent decline in refunds to taxpayers during the month.

Gross GST collections in August, for transactions undertaken in July, stood at about ₹1.86 trillion, 4.8 per cent lower than the previous month. However, with refunds slipping into a contraction after two months of high growth (28.4 per cent in June and 66.8 per cent in July), the sequential dent on net collections was limited to 1 per cent as revenues dipped from over ₹1.68 trillion in July to almost ₹1.67 trillion in August.