In a significant boost to India’s economic outlook, the Goods and Services Tax ( GST ) collections for July 2024 surged to ₹1.82 trillion, marking a 10.3% increase compared to the same period last year.
This achievement makes it the third highest collection since the inception of GST, demonstrating robust economic activity and effective tax compliance.
Breakdown of July 2024 GST Collections
Domestic Revenue:
Central GST ( CGST ): Collections rose by 8.8%, amounting to ₹32,386 crore compared to ₹29,773 crore in July 2023.
State GST ( SGST ): Revenue grew by 7.1% to ₹40,289 crore from ₹37,623 crore in the previous year.
Integrated GST ( IGST ): There was a notable increase of 10.6%, reaching ₹49,437 crore up from ₹44,691 crore.
Cess: The revenue from Cess also saw a significant rise of 9%, amounting to ₹11,923 crore compared to ₹10,939 crore in July 2023.
Import Revenue:
IGST Collections: Revenue from IGST on imports increased by 14.0%, totaling ₹47,009 crore from ₹41,239 crore.
Cess on Imports: This segment saw a notable rise of 22.5%, with collections at ₹1,029 crore compared to ₹840 crore last year.
Total Gross GST Revenue:
Combining both domestic and import revenues, the total gross GST revenue reached ₹1.82 trillion, showcasing a year-on-year growth of 10.3%.
Comparative Analysis with June 2024
In June 2024, the total GST revenue was ₹1.73 trillion, marking a 7.63% increase from ₹1.61 trillion in June 2023. The month-over-month increase from June to July 2024 highlights continued positive momentum in GST collections.
Domestic Revenue in June 2024
CGST: ₹32,627 crore (5.2% increase from June 2023)
SGST: ₹40,715 crore (6.3% increase)
IGST: ₹47,270 crore (14.6% increase)
Cess: ₹12,188 crore (12.1% increase)
Import Revenue in June 2024
IGST from Imports: ₹40,040 crore (2.6% increase)
Cess on Imports: ₹972 crore (5.4% decrease)
The overall gross GST revenue for June 2024 stood at ₹1.73 trillion, reflecting a 7.63% year-on-year growth. Net GST revenue, after accounting for refunds, was ₹1.54 trillion, a 6.28% increase from June 2023.
Year-to-Date (YTD) Performance
For the period from January to July 2024, the gross GST revenue totaled ₹7.38 trillion, a 10.2% growth from ₹6.71 trillion during the same period in 2023. Net GST revenue for this period was ₹6.56 trillion, up by 11% from ₹5.91 trillion.
State-wise Growth in Domestic GST Revenue
Highest Growth: Ladakh (67%), Manipur (61%), and Nagaland (34%)
Notable Declines: Lakshadweep (-51%), Meghalaya (-19%), and Tripura (-8%)
States like Maharashtra, Karnataka, and Gujarat also showed strong performance with growth rates of 11%, 13%, and 13% respectively.
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