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Indian Express
01-08-2025
- Business
- Indian Express
India's gross GST collections rise by 7.5% YoY in July to Rs 1.96 lakh crore, refunds surge 66.8% to Rs 27,147 crore
Gross Goods and Services Tax (GST) collections rose 7.5 per cent year-on-year to Rs 1.96 lakh crore in July (for sales in June), data released by the government on Friday showed. Even though the pace of growth in gross GST collections picked up to 7.5 per cent in July from 6.2 per cent, this is the second consecutive month wherein the growth rate has been in single digits and much lower after posting double-digit growth in the first two months of the ongoing financial year. Net GST collections, after accounting for refunds, took a hit by growing by just 1.7 per cent to Rs 1.69 lakh crore in July as refunds jumped sharply by 66.8 per cent, the data showed. In the previous month, net GST collections had risen 3.3 per cent. Total refunds stood at Rs 27,147 crore in July, sharply up by 66.8 per cent YoY. While domestic refunds grew 117.6 per cent YoY to Rs 16,983 crore in July, refunds for imports were up 20 per cent to Rs 10,164 crore. In June, total refunds had risen 28.4 per cent to Rs 25,491 crore, with domestic refunds rising 14.1 per cent YoY to Rs 12,643 crore, while refunds on imports rose 46.4 per cent YoY to Rs 12,848 crore. The trend of slower growth was also visible in GST collections on the imports front as they increased sequentially but the pace of year-on-year growth slowed down in July. GST collections from imports rose 9.7 per cent year-on-year to Rs 52,712 crore in July as against 11.4 per cent growth seen in June at Rs 45,690 crore. The revenue collections were better on the domestic front, with GST collections rising 6.7 per cent to Rs 1.43 lakh crore in July, up from 4.6 per cent growth at Rs 1.39 lakh crore in the previous month. What experts are saying Experts said the muted growth in net revenue is mainly due to a pickup in GST refunds. MS Mani, Partner, Deloitte India, said, 'While GST revenues for the past few months have been on an upward trajectory, the muted increase of 1.7 per cent in the net GST collections for the month and 8.4 per cent during this year can be attributed to the increased refunds. During the month, domestic refunds have more than doubled compared to the same month last year and during the current year refunds have increased by 46 per cent. This increase in refunds augers well for businesses as it indicates stability in the online refund processes and quicker refund sanctions,' he said. Abhishek Jain, indirect tax head and partner, KPMG said, 'Higher refunds on domestic supplies could be from excess tax payments, inverted duty structures, and other adjustments. The increased refunds should aid cash flows for businesses.' State-wise GST collections in July State-wise data for July showed that out of 38 states/Union territories, 20 states/UTs recorded higher growth in gross GST collections than the national average of 7.5 per cent growth rate. In absolute terms, Maharashtra was at the top with collection of Rs 30,590 crore (6 per cent growth), followed by Karnataka with collection of Rs 13,967 crore (7 per cent growth), Gujarat with collection of Rs 11,358 crore (3 per cent growth), and Tamil Nadu with Rs 11,296 crore (8 per cent growth). States/UTs which recorded a contraction in GST collections in July included: Jammu & Kashmir at Rs 599 crore (-5 per cent), Chandigarh at Rs 221 crore (-5 per cent), Manipur at Rs 43 crore (-36 per cent), Mizoram at Rs 31 crore (-21 per cent) and Jharkhand at Rs 3,040 crore (-3 per cent). The gross Central GST (CGST) — the tax levied on intra-state supplies of goods and services by the Centre — collections stood at Rs 35,470 crore, State GST (SGST) — the tax levied on intra-state supplies of goods and services by the states — collections were Rs 44,059 crore, while Integrated GST (IGST) — the tax levied on all inter-state supplies of goods and services — collections stood at Rs 1.04 lakh crore and cess at Rs 12,670 crore during the month. Aanchal Magazine is Senior Assistant Editor with The Indian Express and reports on the macro economy and fiscal policy, with a special focus on economic science, labour trends, taxation and revenue metrics. With over 13 years of newsroom experience, she has also reported in detail on macroeconomic data such as trends and policy actions related to inflation, GDP growth and fiscal arithmetic. Interested in the history of her homeland, Kashmir, she likes to read about its culture and tradition in her spare time, along with trying to map the journeys of displacement from there. ... Read More
Hans India
02-06-2025
- Business
- Hans India
GST collections above Rs 2 trn for second straight month
New Delhi: Gross GST collections remained above the Rs 2 trillion mark for the second month in a row, rising 16.4 per cent in May to over Rs 2.01 lakh crore. Goods and Services Tax (GST) collection had touched a record high of Rs 2.37 lakh crore in April. In May, 2024, the mop up was Rs 1,72,739 crore. In May, 2025, gross revenues from domestic transactions rose 13.7 per cent to about Rs 1.50 lakh crore, while GST revenue from imports grew 25.2 per cent to Rs 51,266 crore. Total gross GST revenues stood at Rs 2,01,050 crore in May, 2025. Gross Central GST revenues stood at Rs 35,434 crore, State GST revenues at Rs 43,902 crore and Integrated GST at about Rs 1.09 lakh crore. Revenues from Cess was at Rs 12,879 crore. Total refunds issued during the month dipped 4 per cent to Rs 27,210 crore. Net GST mop-up in May stood at about Rs 1.74 lakh crore, a 20.4 per cent year-on-year growth. Deloitte India Partner M S Mani said the wide variations in the growth of GST collections across states require a thorough analysis across the sectors that are important in each state.
Time of India
02-06-2025
- Business
- Time of India
May GST Mopup Shows FY26 Off to a Flying Start
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Popular in Epaper Tired of too many ads? Remove Ads Goods and services tax collections surged 16.4% in May to ₹2.01 lakh crore from a year earlier, signaling robust demand at the start of the fiscal year after a strong close to FY25, data released on Sunday high-frequency monthly data also showed strong economic momentum in May. Unified Payments Interface transactions rose 33% year-on-year in the month to 17.8 billion transactions. Mahindra & Mahindra, the country's second-largest automaker, reported 21% higher sales in May, though overall industry sales are likely to be flat on the high base of last economy grew at a better-than-expected 7.4% in the March quarter from a year ago, as per data released May 30. Previously released numbers showed HSBC Flash India Composite Output Index for May at 61.2 against 59.7 in April, indicating expansion in private sector activity.'The (GST collection) figures reported for May 2025, which relate to transactions in the first month of FY26, at ₹2.01 lakh crore would provide significant fiscal headroom for the government,' said MS Mani, partner, indirect taxes, Deloitte India. 'These figures are also in line with the recent GDP growth estimates, which indicate a robust consumption pattern across months.'This is the second time in a row GST has exceeded ₹2 lakh crore. The average monthly gross GST collection in FY25 was ₹1.84 lakh be sure, the May figure is down from the high of ₹2.38 lakh crore in April, but analysts said collections in that month are traditionally higher.'While last month's spike was expected with year-end reconciliations, the consistency this month along with a 16% plus year-on-year growth points to strong underlying momentum and a recovery that is clearly taking hold,' said Abhishek Jain, indirect tax head and partner, revenues from imports are 25% higher despite tariff headwinds, indicating strength in the domestic GST collections stood at ₹1.49 lakh crore, up 13.7%. After accounting for refunds, net GST revenue for May was ₹1.73 lakh crore, 20% up from last export refunds were down 36.25%.'This suggests that April's increased exports were primarily on account of companies building their stocks' owing to the tariff threat, said Saurabh Agarwal, tax partner, the large states, Maharashtra, West Bengal, Karnataka and Tamil Nadu reported a 17-25% rise while Gujarat and Telangana clocked a 4-6% increase.'The wide variations in the growth of GST collections across states require a thorough analysis across the sectors that are important in each state,' Mani also said consistent robust GST collections make a case for rate rationalisation.'If the growth continues in this range for next couple of months, it might provide the cushion for the government to look at rate rationalisation on which a lot of work has already been done,' said Pratik Jain, partner, May, gross central GST revenue stood at ₹35,434 crore, state GST revenue at ₹43,902 crore and integrated GST at ₹1.09 lakh crore. Revenue from cess was ₹12,879 crore.
The Print
02-06-2025
- Business
- The Print
Gross GST collections rise 16.4 pc to over Rs 2.01 lakh cr in May
In May, gross revenues from domestic transactions rose 13.7 per cent to about Rs 1.50 lakh crore, while GST revenue from imports grew 25.2 per cent to Rs 51,266 crore. This comes after a record high Goods and Services Tax (GST) collection in April, when the revenues touched an all-time high of Rs 2.37 lakh crore. New Delhi, Jun 1 (PTI) Gross GST collections rose 16.4 per cent to over Rs 2.01 lakh crore in May, as per government data released on Sunday. In May, the gross Central GST revenues stood at Rs 35,434 crore, State GST revenues at Rs 43,902 crore and Integrated GST at about Rs 1.09 lakh crore. Revenues from Cess was at Rs 12,879 crore. In May, 2024, the mop up was Rs 1,72,739 crore. Meanwhile, total refunds during the month fell 4 per cent to Rs 27,210 crore. Net GST mop-up stood at about Rs 1.74 lakh crore, a 20.4 per cent year-on-year growth. Deloitte India Partner M S Mani said the wide variations in the growth of GST collections across states require a thorough analysis across the sectors that are important in each state. While large states like Maharashtra, West Bengal, Karnataka and Tamil Nadu have reported collection increases of 17 per cent to 25 per cent, similar large states like Gujarat, Andhra Pradesh and Telangana have shown increases of up to 6 per cent. Some states like Madhya Pradesh, Haryana, Punjab and Rajasthan have shown median increases of 10 per cent. 'Hence, the average growth across the country does not appear to be uniformly reflected across states possibly due to sectoral or seasonal factors which require a deeper data based analysis,' Mani said. PTI JD DRR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Economic Times
02-06-2025
- Business
- Economic Times
May GST mopup up by 16.4%; shows FY26 off to a flying start
India's GST collections soared 16.4% to ₹2.01 lakh crore in May, signaling strong economic momentum at the start of FY26. This robust growth, supported by increased UPI transactions and auto sales, provides significant fiscal headroom for the government. Experts suggest that continued strong GST performance could pave the way for rate rationalization. Tired of too many ads? Remove Ads Revenues from imports up 25% Tired of too many ads? Remove Ads Goods and services tax collections surged 16.4% in May to ₹2.01 lakh crore from a year earlier, signaling robust demand at the start of the fiscal year after a strong close to FY25, data released on Sunday high-frequency monthly data also showed strong economic momentum in May. Unified Payments Interface transactions rose 33% year-on-year in the month to 17.8 billion transactions. Mahindra & Mahindra, the country's second-largest automaker, reported 21% higher sales in May, though overall industry sales are likely to be flat on the high base of last economy grew at a better-than-expected 7.4% in the March quarter from a year ago, as per data released May 30. Previously released numbers showed HSBC Flash India Composite Output Index for May at 61.2 against 59.7 in April, indicating expansion in private sector activity.'The (GST collection) figures reported for May 2025, which relate to transactions in the first month of FY26, at ₹2.01 lakh crore would provide significant fiscal headroom for the government,' said MS Mani, partner, indirect taxes, Deloitte India. 'These figures are also in line with the recent GDP growth estimates, which indicate a robust consumption pattern across months.'This is the second time in a row GST has exceeded ₹2 lakh crore. The average monthly gross GST collection in FY25 was ₹1.84 lakh be sure, the May figure is down from the high of ₹2.38 lakh crore in April, but analysts said collections in that month are traditionally higher. 'While last month's spike was expected with year-end reconciliations, the consistency this month along with a 16% plus year-on-year growth points to strong underlying momentum and a recovery that is clearly taking hold,' said Abhishek Jain, indirect tax head and partner, revenues from imports are 25% higher despite tariff headwinds, indicating strength in the domestic GST collections stood at ₹1.49 lakh crore, up 13.7%. After accounting for refunds, net GST revenue for May was ₹1.73 lakh crore, 20% up from last export refunds were down 36.25%. 'This suggests that April's increased exports were primarily on account of companies building their stocks owing to the tariff threat,' said Saurabh Agarwal, tax partner, the large states, Maharashtra, West Bengal, Karnataka and Tamil Nadu reported a 17–25% rise while Gujarat and Telangana clocked a 4–6% increase.'The wide variations in the growth of GST collections across states require a thorough analysis across the sectors that are important in each state,' Mani also said consistent robust GST collections make a case for rate rationalisation. 'If the growth continues in this range for next couple of months, it might provide the cushion for the government to look at rate rationalisation on which a lot of work has already been done,' said Pratik Jain, partner, May, gross central GST revenue stood at ₹35,434 crore, state GST revenue at ₹43,902 crore and integrated GST at ₹1.09 lakh crore. Revenue from cess was ₹12,879 crore.
