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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.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

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

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