GST Revenue Collection in July 2024 Rises to 1.82 Lakh Crore

The collection of GST revenue has surged by 10.3% year on year to Rs 1.82 lakh crore in July, it is the third highest monthly mop-up, led by a robust rise in taxes collected from imports, as per the official data.

The GST revenue collection in July was 4.75 per cent more increased than June’s number of Rs 1.73 lakh crore. From imports, the GST collections jumped by 14.2 per cent in July. In June it recorded a slow growth of 2.4 per cent.

Tax experts mentioned that an import rise to GST revenue is more than that from domestic supplies. Such collections are laid on the supply transactions in June 2024 which is a sluggish offtake month before the onset of the festive season.

The growth of GST collections varied widely across states when compared with the same month last year, even among the large manufacturing and consuming states. For instance, Maharashtra, Gujarat, and Karnataka saw year-on-year growth in the range of 11-13%, while states like Telangana, Punjab, West Bengal, and Uttar Pradesh experienced growth in the range of 2-3 per cent.

The gross GST revenues for the first four months of the current financial year amounted to Rs 7.39 lakh crore, an increase of 10.2 per cent compared to the same period last year. The net revenue, after adjusting for refunds, rose by 11 per cent to Rs 6.56 lakh crore.

The tax expert mentioned that the GST revenue collection is aligned with the budget estimates. It must enable the government and the GST council to initiate working for the rate rationalization as shown by the Finance minister in the budget last month.