Summary:

According to official figures released on Thursday, GST receipts grew by 10.3% in July to over Rs 1.82 trillion (US$ 21.74 billion), with domestic transactions accounting for the majority. This was the third-highest monthly collection since the GST regime was introduced in 2017. After accounting for refunds totaling Rs 16,283 crore (US$ 1.94 billion), the net GST collection was Rs 1.66 trillion (US$ 19.83 billion), representing a 14.4% increase. Gross GST income amounted to Rs 1,82,075 crore (US$ 21.75 billion), including major contributions from Central, State, and Integrated GSTs.

Experts noted a 10.3% increase in overall GST receipts, with imports outpacing domestic supplies. Mr. MS Mani of Deloitte India mentioned that delayed refunds resulted in a net rise of 14.4%, up from a gross increase of 10.4%. With the festive season approaching, further increases are expected. Mr. Saurabh Agarwal of EY India observed a spike in tax collections in Nagaland and Manipur, indicating heightened economic activity. However, receipts may decline in August due to the monsoon.

Source: IBEF

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