ECONOMY
GST mop-up in July rises by 10.3% year on year to Rs 1.82 lakh crore
- IBJ Bureau
- Aug 02, 2024
Gross Goods and Services Tax (GST) collection in July rose by 10.3 per cent to Rs 1.82 lakh crore as against Rs 1.65 lakh crore in the corresponding period last year. The GST revenue in June, according to government sources, was Rs 1.74 lakh crore.
Gross revenue from domestic transactions was Rs 1.34 lakh crore, up by 8.9 per cent. GST revenue on imports rose by 14.4 per cent to Rs 48,039 crore. In the first four months of FY25, gross revenue has seen a 10.2 per cent growth to Rs 7.4 lakh crore.
“While the gross GST revenues have shown a rise of 10.3 per cent, 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 Deloitte India Partner M S Mani.
After deducting the refunds, net GST collection during the month rose by 14.4 per cent to Rs 1.66 lakh crore. Net collection for the financial year so far has been Rs 6.6 lakh crore, up by 11 per cent over the last year’s collection during the corresponding period.
Many large States have seen subdued growth in collection. Revenue in Uttar Pradesh grew by only 4 per cent, Bihar, Tamil Nadu and Kerala saw a 5 per cent rise, Telangana saw a muted collection of 2 per cent, while Andhra Pradesh registered a fall by 7 per cent.
However, Karnataka and Gujarat (13 per cent each) and Madhya Pradesh and Maharashtra (11 per cent each) saw double-digit growth. Various media outlets reported that the government did not want to publicise the growth in GST collections in fear of backlash from common p
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