Skip to main content

India's gross GST collections rise 15.4% to Rs 2.11 lakh crore in July

By

 India's gross Goods and Services Tax (GST) collections rose 15.4% year-on-year to Rs 2.11 lakh crore in July 2026, driven by robust domestic revenues and a sharp increase in tax collections from imports, according to the government's monthly GST revenue report released on Saturday.

Gross domestic GST revenue increased 10.1% to Rs 1.45 lakh crore from Rs 1.31 lakh crore in July 2025. GST revenue from imports rose 28.8% to Rs 66,511 crore, taking the total gross GST collections for the month to Rs 2.11 lakh crore.

The latest GST collections suggest that domestic consumption and business activity remained steady despite geopolitical tensions in West Asia, with higher domestic and import-related tax collections supporting overall revenue growth.

The report also showed that GST refunds continued to rise. Total refunds increased 13.1% year-on-year to Rs 29,968 crore, with export-related refunds processed through ICEGATE rising 22.7% to Rs 12,288 crore.

After adjusting for refunds, net GST revenue stood at Rs 1.81 lakh crore, marking a 15.8% increase over July 2025. Net domestic revenue rose 10.5% to Rs 1.27 lakh crore, while net customs GST revenue jumped 30.3% to Rs 54,223 crore.

Pratik Jain, Partner, Price Waterhouse & Co LLP, said, “post GST 2.0, a steady 7–8% monthly growth seems to be emerging as the norm which is broadly in line with budget estimates. Notably, growth in import-led revenues continues to outpace domestic transactions, which could indicate some softness in consumption—possibly reflecting a moderation in discretionary spending amid ongoing geopolitical uncertainties.”

For the first four months of the current financial year (April-July), gross GST collections rose 10.1% to Rs 8.43 lakh crore, compared with Rs 7.66 lakh crore in the corresponding period of the previous year. Net GST collections during the period increased 9.2% to Rs 7.21 lakh crore.

Among the larger states, Haryana recorded the highest year-on-year growth in July GST collections at 25%, followed by Gujarat and Telangana at 19% each. Punjab and Kerala posted growth of 16%, while Uttar Pradesh registered a 15% increase. Maharashtra, the country's largest contributor to GST revenues, saw collections rise 13%, while Karnataka recorded 12% growth and Delhi posted an 8% increase.

Some states, however, reported lower collections compared with a year ago. Himachal Pradesh recorded a 22% decline, Uttarakhand fell 18%, Puducherry was down 17%, Madhya Pradesh declined 10%, Andhra Pradesh slipped 5%, and Tamil Nadu recorded a marginal 1% fall.

Comments

Post a Comment

Popular posts from this blog

Govt’s gamble on GST cuts: What do the bond and currency markets signal?

By
  It’s not just humans who suffer from cognitive biases; markets do too. Interestingly, different financial markets exhibit distinct biases, each interpreting events through its own prism of prejudice. Take the recent announcements on GST reforms: equity markets have chosen to view them through the lens of growth, while bond and currency markets are focusing on potential macroeconomic risks—fiscal pressures and current account challenges. So, which lens captures the true pulse?Equity markets may be right in expecting GST reforms to revive consumption, which has remained lacklustre for a while. But the key question remains—will this revival come at the cost of broader macro stability?It is well known that consumption stocks have rallied since the GST rationalisation announcement. But what about bond markets? What signals are they sending since this rejig was announced from the ramparts of the Red Fort?The signs aren't encouraging. Bond prices have slumped and yields have surged sinc...
Post a Comment
Read more

Luxury carmakers urge clarity on GST rates to boost festive season sales

By
  A clear picture regarding new GST rates at the earliest will help the overall auto industry, including the luxury car segment, to regain momentum in the ongoing quarter, which generally sees enhanced sales on account of the festive season.The high-powered GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on September 3-4 to discuss moving to a two-slab taxation.In an interaction with PTI, BMW Group India President and CEO Hardeep Singh Brar said the recent speculation about the change in GST rates has caused uncertainty in the minds of consumers.Consumer interest and demand is strong, but they (prospective buyers) have adopted a wait-and-watch approach, and this delayed decision-making is impacting new vehicle sales at a certain level, he noted."Expediting clarity on GST rates is essential to get back to speed and ensure the auto sector's contribution to economic growth during this quarter is robust," Brar stated.He also hoped that the sustainable p...
Post a Comment
Read more

Sebi proposes tighter norms for green bond third-party reviewers

By
  Sebi on Friday said it has proposed to tighten the norms to appoint independent third-party reviewers or certifiers for green debt securities to align them with requirements for other ESG-linked bonds.In a draft circular, Sebi said that the current norms for green bonds, introduced in February 2023, lack detailed requirements around reviewer independence, conflict of interest mitigation, and disclosure standards that are now in place for other ESG-linked securities under a June 2025 circular.The regulator's latest proposal seeks public comments on a revised framework that would bring parity by incorporating comprehensive criteria for third-party certifiers of green bonds on non-convertible securities.Under the proposed norms, issuers of green debt securities will need to appoint reviewers who are independent of their management, directors, and key managerial personnel. These reviewers will be remunerated in a way that prevents any conflicts of interest and possess relevant expert...
Post a Comment
Read more