India’s GST Collections Reach Rs 1.65 Lakh Crore in July, 3rd Highest Since 2017

byPriyanka JuyalLast Updated: March 14, 2024
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Synopsis of the news:

  • Gross GST collections for July reached Rs 1.65 lakh crore, showing a growth of 10.8%, the third-highest since the GST rollout in 2017.
  • This marked the fifth time GST collections crossed the Rs 1.6 lakh crore mark since its implementation.
  • Revenues from domestic transactions in July were 15% higher compared to the same month last year.
  • States like Delhi, Uttar Pradesh, Maharashtra, Karnataka, and Tamil Nadu reported significant double-digit revenue growth, while Gujarat saw a lower 7% growth in July.

In July, India’s Gross Goods and Services Tax (GST) collections surged to Rs 1.65 lakh crore, experiencing a notable growth of 10.8 per cent. This figure stands as the third highest since the implementation of the indirect tax regime back in July 2017. Additionally, this marks the fifth time that GST revenues have crossed the Rs 1.6 lakh crore milestone.

The Goods and Services Tax (GST) revenue collected in July was distributed as follows: Central GST amounted to Rs 29,773 crore, State GST reached Rs 37,623 crore, Integrated GST totaled Rs 85,930 crore (including Rs 41,239 crore collected on import of goods), and cess contributed Rs 11,779 crore (including Rs 840 crore collected on import of goods).

According to the finance ministry, the revenue for July showed a robust growth of 10.8% compared to the same month last year. Notably, revenues from domestic transactions (including import of services) experienced a significant increase of 15% year-on-year during the same period. The ministry emphasized that this marks the fifth time when gross GST collections have surpassed the Rs 1.60 lakh crore milestone.

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In July, the government settled Rs 39,785 crore to Central GST and Rs 33,188 crore to State GST from Integrated GST. The finance ministry stated that this represents the fifth instance of GST revenue collection remaining above the ₹1.6 trillion mark. The government has projected a monthly average collection of ₹1.65 trillion for this fiscal year.

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Among the major state economies, Punjab, Haryana, Delhi, Uttar Pradesh, Maharashtra, Karnataka, and Tamil Nadu showed impressive double-digit growth in GST revenue. Delhi recorded a remarkable 25% increase in GST revenue, reaching ₹5,405 crore, while Uttar Pradesh reported a significant 24% jump at ₹8,802 crore. Maharashtra’s revenue collection improved by 18% to ₹26,024 crore, and Karnataka experienced a 17% surge, reaching ₹11,505 crore. Tamil Nadu reported a noteworthy improvement of 19% in GST revenue, totaling ₹10,022 crore. In contrast, Gujarat only recorded a modest 7% revenue growth in July.

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