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last mo.

GST Tops ₹1.86 Lakh Crore in August as Council Preps Two-Slab Revamp

Markets await the Sept 3–4 Council decisions on fitments that reporters say may lower levies on about 175 goods.

The finance ministry building in New Delhi. The GST Council, chaired by Finance Minister Nirmala Sitharaman is set to meet this week to discuss GST reforms.
Royal Enfield Himalayan
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Overview

  • Official data show August GST at ₹1.86 lakh crore, up 6.5% year-on-year, with domestic revenue up 9.6%, import-related GST down 1.2%, refunds lower by 20%, and net revenue at ₹1.67 lakh crore up 10.7%.
  • The GST Council meets Sept 3–4 to consider simplifying rates largely to 5% and 18%, with a possible separate 40% band for a narrow set of sin or ultra-luxury items.
  • Unconfirmed fitment plans reported by Reuters include moving ACs and TVs to 18%, cutting personal care items to 5%, and reducing GST on small hybrid cars to 18%.
  • Analysts say shoppers are deferring big-ticket online purchases ahead of clarity, with expectations of a 15–20% festive sales rebound once rates are finalized.
  • Sector voices are pressing priorities, including Royal Enfield’s call for a uniform 18% GST on all two-wheelers and a think tank’s push to cap the peak rate at 18%, as services such as hotels and casinos draw fitment scrutiny.