Gross Goods and Services Tax (GST) Collections Rose 7.5 Per cent year-on-Year to Rs 1.96 Lakh Creere in July (For Sales in June), Data Released By the Government on Frede Showed. Even thought the pace of growth in gross 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 grown Rate has been in the digits and singing point. Double-Digit growth in the first two months of the online financial year.
Net GST Collections, After Accounting For Refunds, Take Growing By Just 1.7 Per Sent To Rs 1.69 In the Previous Month, Net GST Collections Had Riseen 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 46.4 per cent yoy to Ros 12,848 Crore.
The trend of slower growth was also visible in gst collections on the imports front as they have seen sequentially but the pace of Year-on-Year growth slow 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 11.4690 Crore.
The Revenue Collections were born on the domestic front, with gst collection 6.7 per cent to rs 1.43 lakh crore in july, up from 4.6 per cent at rs 1.39 Lakh Corer in the preview.
What experts are saying
Experts say 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 munting increase of 1.7 per cent in the net collection for the month and 8.4 peer. Can be attributed to the month, domestic than the same year and dumbs. Refunds Augers Well for Businesses As It Indicates Stability in the Online Refund Processes and Quaker Refund Sanations, “He said.
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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. Should Aid Cash Flows for Business. “
July in State-Wise GST Collections
State-wisdom for July Showed That Out Out of 38 States/Union Territories, 20 States/Uts Recorded Higher Growth In GST Collections Than the National Average of 7.5 Per Cent Growth Rate.
In Absolute Terms, Maharastra 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) 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 inscluded: July & Kashmir at Rs 599 crore (-5 per cent), chandigarh at Rs 221 creere (-5 per cent), manipur at RS 43 creer (–36 peer cents. AT RS 31 crore (-21 per cent) and jharkhand at Rs 3,040 Crore (-3 per cent).
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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 creere, state gst (sgst)-the tax levied on intra-tat. Goods and services by the states-Collections were RS 44,059 Crore, while integrated gst (IgST)-The tax levied on all inter-strate suplies of goods and services-Colelections Stood AT RS. And Cess at Rs 12,670 Crore During the month.