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July GST Collections Hit Third-Highest Monthly Level at ₹1.82 Lakh Crore

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Synopsis:

India’s July GST collections hit ₹1.82 lakh crore, with 10.3% revenue growth. Gross revenue from imports surged 14.2%, while domestic transactions grew 8.9%. Net GST collections rose 14.4% to ₹1,65,793 crore.

GST Collection for July 2024

India's Gross Goods and Services Tax (GST) collections surged to ₹1.82 lakh crore in July, achieving the third-highest monthly level and reflecting a significant recovery in revenue growth. The 10.3% increase in July's revenue marks an improvement from June's three-year low of 7.6%.

Detailed Revenue Breakdown

The gross revenue from domestic transactions in July grew by 8.9%, slightly down from 9.4% in June. In contrast, taxes collected on imports saw a substantial rise, with a 14.2% increase compared to just 2.4% the previous month. Sequentially, gross GST collections increased by 4.75% from June’s total of ₹1,73,813 crore.

After refunds, net GST collections for July rose by 14.4%, amounting to ₹1,65,793 crore. Net revenue from imports grew by 17.3%, while domestic transactions experienced a 13.5% rise. Compared to June’s net revenue of just under ₹1.54 lakh crore, July's net GST revenues were 7.75% higher. Net domestic revenues increased by 8.5% in June, while net receipts from imports had contracted by 1.5%.

Monthly and State-wise Performance

India's gross monthly GST receipts reached a record high of over ₹2.1 lakh crore in April, with the second-highest collections of ₹1.87 lakh crore in April 2023. These peaks were influenced by financial year-end compliances.

While overall domestic transaction revenues were 8.9% higher, five states, including Andhra Pradesh and Himachal Pradesh, experienced a contraction, with tax receipts falling by 7% each. Nine states, including Telangana, Punjab, and West Bengal, saw milder growth than the national average, ranging from 2% to 5%.

Fiscal Year 2024-25 Overview

In the first four months of the 2024-25 fiscal year, gross GST revenues increased by 10.2% to ₹7.39 lakh crore. Domestic revenues rose by 11.8%, and taxes from imports grew by 5%. Net collections’ growth was slightly higher at 11%, totalling ₹6.56 lakh crore, with import revenues up by 0.2% and domestic transactions delivering a 14% growth.

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This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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