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Informist, Thursday, Aug 1, 2024

 

--India Jul total GST mop-up 1.82 trln rupees vs 1.651 trln yr ago 

--India Jul total GST collections up 10.3% on year 

--India Jul Central GST mop-up 324 bln rupees vs 298 bln yr ago 

--India Jul State GST mop-up 403 bln rupees vs 376 bln yr ago 

--India Jul Integrated GST mop-up 964 bln rupees vs 859 bln yr ago 

--India Jul GST cess mop-up 130 bln rupees vs 118 bln yr ago 

 

NEW DELHI – India's goods and services tax collections grew 10.3% on year to 1.821 trln rupees in July, government data showed. This is only the third time since the introduction of GST in 2017 that collections have topped the 1.8 trln mark. 

 

GST mop-up had grown 7.6% on year at 1.738 trln rupees in June. GST revenue, net of refunds, for July was 1.658 trln rupees, 14.4% higher than the same period last year.

 

Of the total collection last month, 323.86 bln rupees was from Central GST, 402.89 bln rupees from State GST, 964.47 bln rupees from Integrated GST and 129.53 bln rupees from compensation cess.

 

The gross domestic revenue rose 8.9% on year to 1.340 trln rupees in July, while the import revenue was up 14.2% at 480.39 bln rupees. Total refunds were down 19.4% on year at 162.83 bln rupees in July. 

 

The post settlement revenues of states rose 10% on year to 781.10 bln rupees in July.

 

"A 10% plus growth in collections for this year vis-a-vis the last year aligns well with expectations and depicts signs of stability and maturity of GST implementation in India," Abhishek Jain, indirect tax head and partner at KPMG, said. "With festivities coming up in the next few months, the collections should witness a further increase."  End

 

Reported by Shubham Rana

Edited by Deepshikha Bhardwaj

 

 

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