GST Collections Record 10 % YoY Growth, Cross Rs 1.8 Trillion in July 2024

New Delhi, Aug 2 (KNN) The Finance Ministry reported on Thursday that Goods and Services Tax (GST) collections for July 2024 totalled Rs 1.82 trillion, representing a 10.3 per cent increase compared to the same month last year. This figure also surpasses the Rs 1.74 trillion collected in June 2024.

While July's receipts did not match the record Rs 2.1 trillion collected in April, financial analysts view the current figures as consistent with the overall robust trend in GST revenue.

Experts anticipate further growth as the country approaches the festive season, traditionally a period of increased consumer spending.

It is worth noting that July's GST figures reflect sales from June 2024, typically considered a slower month for commerce before the onset of festive activities.

At the net level, after accounting for refunds of Rs 16,283 crore, GST collections showed a more substantial increase of 14.4 per cent compared to last year. This growth occurred despite a 19.4 per cent year-on-year decrease in refunds issued.

The data reveals that producer states continue to be the primary contributors to GST revenue. Maharashtra, Uttar Pradesh, Karnataka, and Tamil Nadu emerged as the largest collectors by value, underscoring their significant roles in the national economy.

These figures provide insights into the current state of India's economic activity and tax compliance. As the country moves into its festive season, stakeholders will be closely monitoring GST collections for indications of broader economic trends.

(KNN Bureau)