GST collections see 8.9 pc YoY growth at Rs 1.87 lakh crore in October
It is the eighth consecutive month when GST collections stayed above the Rs 1.7 lakh crore mark.
India’s Goods and Services Tax (GST) collections surged by a robust 10.3 per cent to Rs 1.82 lakh crore in July compared to the same month of the previous year, according to official data released on Thursday.
The collections were higher than the previous month’s Rs 1.74 lakh crore mop-up. The gross GST collections for the first four months of the current financial year now work out to Rs 7.39 lakh crore, marking a 10.2 per cent jump over the corresponding period of the previous year.
Domestic collections grew by 8.9 per cent in July, while GST revenue from imports jumped by 14.2 per cent.
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Refunds, on the other hand, were 19 per cent lower than the same period of the previous year as the authorities have mounted close scrutiny of claims.
Of the total refunds of Rs 16,283 crore, Rs 11,566 crore was for Integrated Goods and Services Tax.
Net domestic revenues at Rs 1.66 lakh crore were 14.4 per cent higher than last July’s figures of Rs 1.45 lakh crore.
GST collections have been rising steadily, reflecting the country’s robust economic growth and higher tax compliance, and had scaled a record level of Rs 2.1 lakh crore in April.
The Union Budget for 2024-25 presented by Finance Minister Niramala Sitharaman on July 23 set a target of 11 per cent growth for GST collections for the current financial year.
The Finance Minister also termed the GST regime the most far-reaching tax reform since Independence which has turned out to be a spectacular success.
The GST regime also completed seven years of its implementation last month.
The GST taxpayer base increased to 1.46 crore in April 2024 from 1.05 crore in April 2018.
The compliance burden was reduced for small taxpayers, and the GST Council has recommended waiving the annual return filing requirement for the taxpayers with an aggregate annual turnover of up to Rs 2 crore in the 2023-24 fiscal.
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