Gross GST collection for July rises 10.3% to Rs 1.82 lakh crore

NEW DELHI: After facing criticism for not officially announcing the monthly GST collection numbers in June, the government on Thursday announced the revenue figures for July 2024. The gross GST collection in July rose 10.3% to Rs 1.82 lakh crore as against Rs 1.65 lakh crore in the corresponding period last year. The GST revenue in June, as per government sources, was Rs 1.74 lakh crore.

Gross revenue from domestic transactions was Rs 1.34 lakh crore, up 8.9%. GST revenue on imports rose 14.4% to Rs 48,039 crore. In the first four months of FY25, gross revenue has seen a 10.2% growth to Rs 7.4 lakh crore.

“While the gross GST revenues have shown an rise of 10.3%, it is interesting to observe that the growth in GST mop-up from imports is more than that from domestic supplies. These collections are based on supply transactions during June 2024, which is typically a slow offtake month before the onset of the festive season,” says MS Mani, Partner, Deloitte India. After deducting the refunds, net GST collection during the month rose 14.4% to Rs 1.66 lakh crore. Net collection for the fiscal has been Rs 6.6 lakh crore, up 11% over last year.