GST Collections Surge By 10.3% In July, Totaling Over Rs 1.82 Lakh Crore
GST collections in July: The government data also revealed that total refunds amounted to Rs 16,283 crore in July
Gross GST collections in July rose by 10.3 per cent to surpass Rs 1.82 lakh crore, according to official data released on Thursday. The government data also revealed that total refunds amounted to Rs 16,283 crore in July. After accounting for these refunds, the net Goods and Services Tax (GST) collection stood at over Rs 1.66 lakh crore, marking a growth of 14.4 per cent.
Domestic GST revenues grew by 8.9 per cent to reach Rs 1.34 lakh crore in July, while GST revenue from imports saw a significant increase of 14.2 per cent, totaling Rs 48,039 crore.
April 2024 witnessed a record high in GST collections, reaching Rs 2.10 lakh crore. While the July figures are higher than those of the previous month, they remain below the peak collections recorded in April. In the first four months of the year, gross collections have risen by 10.2 per cent, totaling Rs 7.39 lakh crore.
Currently, there are four — 5 per cent,12 per cent,18 per cent, and 28 per cent — rates are levied, besides some essential commodities which are not taxed under the GST regime.
Saurabh Agarwal, Tax Partner at EY India, commented on the regional contributions, stating, "The surge in tax collections from Nagaland, Manipur, Andaman & Nicobar, and Ladakh suggests heightened economic activity and consumption in these developing regions of India. However, a potential stagnation or decline in collections during August is anticipated due to the monsoon season's impact on overall economic momentum."
Refunds in July were 19 per cent lower compared to the same period last year. Out of the total Rs 16,283 crore in refunds, Rs 11,566 crore were for Integrated Goods and Services Tax (IGST).
Net domestic revenues, amounting to Rs 1.66 lakh crore, were 14.4 per cent higher than the Rs 1.45 lakh crore recorded in July of the previous year.
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