India's GST Collections Rise 11% To Reach Rs 1.65 Lakh Crore In July
India's gross Goods and Services Tax collections grew by 11% in July, coming in at Rs 1,65,105 crore, according to government data released on Tuesday.
July collections, which are for transactions in June, have remained over the Rs 1.5 lakh crore mark since February 2023. This is also the fifth time the collections have been over Rs 1.6 lakh crore since the inception of the GST in 2017. The average GST collection in the first quarter of FY24 was over 1.61 lakh crore.
"The continued growth in GST collections, with Rs 1.6 lakh crore and above being the norm, brings a substantial cheer. With the approaching normal period of limitation for FY 17-18 and the approaching festive season, this cheer is expected to only increase," said Abhishek Jain, Partner & National Head – Indirect Tax, KPMG.
The highest ever collection was recorded in April for transactions in March 2023, when the gross GST revenue stood at Rs 1.87 lakh crore, buoyed by a fiscal-ending tax payout. The projection for the average collection in fiscal 2024 is Rs 1.69 lakh crore.
Revenues from domestic transactions rose 15%, including imports of services.
Break-Down Of GST Collections
Gross GST revenue: Rs 1,65,105 crore
Central GST: Rs 29,773 crore.
State GST: Rs 37,623 crore.
Integrated GST: Rs 85,930 crore, including Rs 41,239 crore collected on imports of goods.
Cess: Rs 11,779 crore, including Rs 840 crore collected on the import of goods.
State-Wise Trends
The top earner in terms of volume was Maharashtra, which saw an 18% annual growth to Rs 26,064 crore. Karnataka registered the second-highest state revenues at Rs 11,505 crore in collections (17% year-on-year growth), followed by Gujarat at Rs 9787 crore (7% year-on-year growth).
States like Delhi (Rs 5,405 crore) and Uttar Pradesh (Rs 8,802 crore) recorded high revenue growth, with over 20% growth in collections from the same period a year ago.
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