GST Collections Surge to Rs 1.82 Lakh Crore in July

July saw GST collections rising by 10.3% to over Rs 1.82 lakh crore, driven primarily by domestic transactions. This marks the third-highest monthly collection since the GST regime began. Refunds amounted to Rs 16,283 crore, leaving a net collection of Rs 1.66 lakh crore, a growth of 14.4%.

In July, GST collections surged by 10.3% to over Rs 1.82 lakh crore, buoyed mainly by domestic transactions in goods and services. Official data released on Thursday highlights this as the third-highest monthly collection since the GST system's inception in July 2017.

Authorities also reported that total refunds for the month stood at Rs 16,283 crore. Consequently, the net Goods and Services Tax (GST) collection, after adjusting for refunds, was over Rs 1.66 lakh crore, reflecting a growth of 14.4%.

MS Mani of Deloitte India noted a noticeable increase in GST revenues from imports compared to domestic supplies. He also mentioned that the refunds slowdown contributed to the net increase. Abhishek Jain of KPMG expressed optimism for continued growth in the coming festive months, while Saurabh Agarwal from EY India highlighted a surge in collections from developing regions like Nagaland and Manipur.

(With inputs from agencies.)