India's GST collections at Rs 1.82 lakh cr in July; 3rd highest ever

The Union and state governments recorded GST collections worth over Rs 1.82 lakh crore in the month of July 2024, according to data released by the finance ministry. The amount, marking a 10.3 per cent surge year on year, is the third-highest monthly collection ever, since the indirect tax regime was started on July 1, 2017.

The Gross GST revenue was Rs 1,82,075 crore in July 2024, the third-highest ever. This is inclusive of Central GST (worth Rs 32,386 crore), State GST (Rs 40,289 crore) and Integrated GST (Rs 96,447 crore). The compensation cess mop-up was Rs 12,953 crore. The record high for gross GST, however, happened in April 2024, when the figure was Rs 2.10 lakh crore.

The total refund amounted to Rs 16,283 crore, while the net GST collection after adjusting refunds came to over Rs 1.66 lakh crore in July, marking a net increase of 14.4 per cent.

The ministry data showed that the robust collections were an outcome of domestic dealings in goods and services. Domestic trade activity grew 8.9 per cent to Rs 1.34 lakh crore in July while revenue from imports rose to Rs 48,039 crore, up by 14.2 per cent.

In the first four months (April to July) of the fiscal year 2024-’25, or FY25, collections rose to Rs 7.39 lakh crore, at 10.2 per cent. A growth of over 10 per cent year on year in GST collections is widely being seen as a sign that the idea of implementing GST in India has now attained stability.

The industry expects a further surge later in the year with the festive season coming up, although, in the immediate future, the month of August could see a slump or stagnation.

Incidentally, there has been a hike in collections from developing regions of the country such as Andaman and Nicobar, Ladakh, Manipur and Nagaland, the ministry data showed.