India\u2019s Goods and Services Tax (GST) collections saw a significant rebound in July, reaching \u20b91.82 lakh crore. This marks the third-highest monthly level ever, with revenue growth recovering to 10.3% from a three-year low of 7.6% in June.<\/p>\n\n\n\n
Revenue from domestic transactions grew by 8.9%, slightly down from June\u2019s 9.4%. However, taxes collected on imports saw a substantial jump, growing by 14.2% compared to just 2.4% in the previous month. Overall, the GST collections in July were 4.75% higher than June\u2019s figure of \u20b91.73 lakh crore.<\/p>\n\n\n\n
After accounting for taxpayer refunds, net GST collections rose by 14.4% to \u20b91.65 lakh crore. This included a 17.3% increase in net import revenue and a 13.5% rise in domestic transactions. Net GST revenues in July were 7.75% higher than June\u2019s figure of nearly \u20b91.54 lakh crore.<\/p>\n\n\n\n
Tax experts suggest that the sharp increase in net collections compared to gross revenue may be due to a slowdown in refunds. In June, refunds grew by 19.3% year-on-year, but in July, domestic refunds dropped by 34.1% and export-related refunds rose only slightly by 1.4%. Total refunds in July were 19.4% lower than the previous year.<\/p>\n\n\n\n
July\u2019s revenue figures are provisional and may vary slightly upon finalisation. The highest ever monthly GST collection was recorded in April this year at over \u20b92.1 lakh crore, followed by \u20b91.87 lakh crore in April 2023, driven by financial year-end compliances.<\/p>\n\n\n\n
While the total revenue from domestic transactions grew by 8.9%, some states like Andhra Pradesh and Himachal Pradesh saw a 7% decline. In contrast, states like Telangana, Punjab, and West Bengal experienced milder growth rates.<\/p>\n\n\n\n
In the first four months of the fiscal year 2024-25, gross GST revenues have increased by 10.2% to \u20b97.39 lakh crore, with domestic revenues up by 11.8% and import taxes growing by 5%. Net collections have grown by 11%, totaling \u20b96.56 lakh crore. Import revenues increased by 0.2%, while domestic transactions saw a 14% growth.<\/p>\n\n\n\n
Deloitte India\u2019s partner, MS Mani, pointed out the varying growth rates among states and the apparent slowdown in refunds, indicating the need for a sectoral analysis of these trends.<\/p>\n\n\n\n
Do\u00a0you have a news tip for Lakshmishree reporters? Please email us at\u00a0<\/em>media@lakshmishree.com <\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":" India\u2019s Goods and Services Tax (GST) collections saw a significant rebound in July, reaching \u20b91.82 lakh crore. This marks the third-highest monthly level ever, with revenue growth recovering to 10.3% from a three-year low of 7.6% in June. Revenue from domestic transactions grew by 8.9%, slightly down from June\u2019s 9.4%. However, taxes collected on imports […]<\/p>\n","protected":false},"author":1,"featured_media":3258,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[50],"tags":[182],"class_list":["post-3251","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-indian-market","tag-gst-collection"],"_links":{"self":[{"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/posts\/3251","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/comments?post=3251"}],"version-history":[{"count":2,"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/posts\/3251\/revisions"}],"predecessor-version":[{"id":3259,"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/posts\/3251\/revisions\/3259"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/media\/3258"}],"wp:attachment":[{"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/media?parent=3251"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/categories?post=3251"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lakshmishree.com\/news\/wp-json\/wp\/v2\/tags?post=3251"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}