GST Revenue Surge: A Sign of Economic Stability
In July, India's GST collection rose to Rs 1.96 lakh crore, marking a 7.5% increase, with domestic revenue up by 6.7% and import taxes by 9.5%. GST refunds also surged 66.8% year-on-year, emphasizing robust consumption patterns and a steady economic growth trajectory, supported by timely governmental processes.
- Country:
- India
India's Gross GST collections saw a significant rise in July, reaching approximately Rs 1.96 lakh crore, up by 7.5% compared to the same period last year, driven by higher domestic revenue.
The increase is attributed to a solid growth in domestic revenues by 6.7% totaling Rs 1.43 lakh crore, while revenues from imports experienced a rise of 9.5%, amounting to Rs 52,712 crore. Concurrently, GST refunds grew remarkably by 66.8% year-on-year to Rs 27,147 crore.
EY India's Tax Partner, Saurabh Agarwal noted that consistent consumption trends and timely government refunds have contributed to stable economic growth despite global challenges, ensuring businesses maintain necessary working capital.
(With inputs from agencies.)
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