India July GST Collections Third Highest Ever

2 Aug 2024 , 11:40 AM

India’s goods and services tax collections touched ₹1.82 trillion in July, up 10.3% from a year ago. This is the third highest GST collection in a month in absolute terms after ₹2.10 trillion in April this year and ₹1.87 trillion in April last year.

With this, the cumulative goods and services tax, or GST, collections in April-July rose 10.2% on year to ₹7.39 trillion, largely in line with the Budget projections.

The full Budget for 2024-25 (Apr-Mar) has projected the goods and services tax collection, excluding state GST, at ₹10.62 trillion, up 11.0% from a year ago.

The state goods and services collection after settling the integrated goods and services tax was ₹781.10 billion in July, up 10.3% on year.

The GST cess collection was at ₹129.53 billion in July, up 10.0% on year. The cess is currently used to repay the borrowing made in 2020-21 and 2021-22 to compensate states for the shortfall in revenues due to COVID-19 pandemic.