July 2024 was great in terms of GST collection. GST collection was recorded at the third highest level in July. This collection increased by 10.3 percent to Rs 1.82 lakh crore. According to official data released on Thursday, this is the third highest monthly collection ever since the indirect tax system was implemented 7 years ago on July 1, 2017. According to the data, the total refund in July was Rs 16,283 crore.
Net collection after adjusting refunds
According to the news, after adjusting the refund, the net Goods and Services Tax (GST) collection stood at more than Rs 1.66 lakh crore, an increase of 14.4 percent. Gross GST revenue stood at Rs 1,82,075 crore, which includes Central GST of Rs 32,386 crore, State GST of Rs 40,289 crore and Integrated GST of Rs 96,447 crore. Compensation cess collection stood at Rs 12,953 crore. Revenue was driven by taxes collected from domestic activities, which grew 8.9 per cent to Rs 1.34 lakh crore in July. Revenue from imports grew 14.2 per cent to Rs 48,039 crore.
Gross GST Revenue
Gross GST revenue reached a record high of Rs 2.10 lakh crore in April 2024, the previous high was in April 2023 when it was Rs 1.87 lakh crore. The collection of Rs 1.82 lakh crore in July 2024 is the third highest ever collection. The collection so far this fiscal (April-July) has grown by 10.2 per cent to around Rs 7.39 lakh crore. Deloitte India partner MS Mani said that gross GST revenue has seen a growth of 10.3 percent, but it is interesting to see that the growth in GST revenue from imports is more than domestic supply.
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More growth can be seen in tax collection
Abhishek Jain, national head of indirect tax, KPMG in India, said that more than 10 percent growth in collection this year compared to last year is as per expectations and shows signs of stability and maturity of GST implementation in India. Jain said that with the coming of festivals in the next few months, further growth should be seen in tax collection. Saurabh Agarwal, tax partner, EY India, said that the data shows an increase in tax collection from Nagaland, Manipur, Andaman and Nicobar and Ladakh, indicating increased economic activity and consumption in these developing areas of India.
