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GST collections rise 10.3% to over Rs 1.82 lakh crore in July
Aug-02-2024

The government data has showed that the Goods and Services Tax (GST) collections rose 10.3 per cent to over Rs 1.82 lakh crore in July 2024 as against Rs 1.65 lakh crore in the corresponding period last year, mainly driven by domestic transactions in goods and services. This is the third-highest monthly collection recorded since the indirect tax regime was rolled out seven years ago on July 1, 2017. The GST revenue in June was Rs 1.74 lakh crore. 

According to the data, total refunds stood at Rs 16,283 crore in July. The net GST collection after adjusting refunds was over Rs 1.66 lakh crore, a growth of 14.4 per cent. The Gross GST revenue stood at Rs 1,82,075 crore, which includes Central GST of Rs 32,386 crore, State GST of Rs 40,289 crore, and Integrated GST of Rs 96,447 crore. The compensation cess mopup was Rs 12,953 crore. 

It further stated that the revenues were driven by taxes from domestic activities, which grew 8.9 per cent to Rs 1.34 lakh crore in July. The revenue from imports jumped 14.2 per cent to Rs 48,039 crore. Gross GST revenues hit a record high of Rs 2.10 lakh crore in April 2024, the previous high was on April 2023 when it was Rs 1.87 lakh crore. At Rs 1.82 lakh crore, collection in July 2024 is the third-highest ever. So far this fiscal (April-July), the collections have grown 10.2 per cent to about Rs 7.39 lakh crore. 


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