According to a report by ET Bureau on Thursday, the gross GST collection increased by 10.3 percent, reaching Rs 1,82,075 crore in July. The government has stopped releasing monthly GST collection data. After accounting for refunds, the net collection for July amounted to Rs 1,65,793 crore, reflecting a 14.4 percent year-over-year increase.
In July, Goods and Services Tax (GST) collections experienced a notable rise, reaching Rs 182,075 crore. This represents a 10.3% increase compared to the Rs 165,105 crore collected in July 2023. Growth was observed across all categories, including Central GST (CGST), State GST (SGST), Integrated GST (IGST), and cess, as reported by ANI.
Year-to-date figures for 2024 indicate a 10.2% increase in GST collections, totaling Rs 7.38 lakh crore, compared to Rs 6.70 lakh crore during the same period in 2023. Notably, April 2024 recorded a peak collection of Rs 2.10 lakh crore, followed by Rs 1.73 lakh crore in May and Rs 1.74 lakh crore in June.
For the financial year 2023-24, the total gross GST collection amounted to Rs 20.18 lakh crore, reflecting an 11.7% increase from the previous year. The average monthly collection for the fiscal year ending March 2024 was Rs 1.68 lakh crore, exceeding the prior year's average of Rs 1.5 lakh crore.
The recent increase in GST collections indicates a positive economic trend for India, showcasing strong domestic consumption and robust import activity. This growth is a promising sign for the country's fiscal health and economic recovery, demonstrating resilience despite global uncertainties.
A study by the Finance Ministry found that consumers have saved at least 4% on their monthly household expenses due to GST. This reduction in costs applies to daily essentials such as cereals, edible oils, sugar, sweets, and snacks. Additionally, key items like hair oil, toothpaste, soap, detergents, wheat, rice, curd, lassi, wristwatches, TVs up to 32 inches, refrigerators, washing machines, and mobile phones have seen significant GST rate cuts or zero rates, benefiting consumers across the country.
About RR Finance
An integrated financial services group, offering a wide range of financial products and services to corporates, institutions, high-net worth individuals and retail investors.
Disclaimer: The recommendations, suggestions, views, and opinions expressed by experts are their own and do not reflect the views of RR Finance. This blog is for information purpose only, not an investment advice.