GST Surge: July Collections Top Rs 1.95 Lakh Crore in India

India's Goods and Services Tax (GST) collections have witnessed a substantial increase, climbing over 7.5% in July to approximately Rs 1.95 lakh crore, an uplift from Rs 1.82 lakh crore last year, as disclosed by the official data on Friday. This surge includes a year-on-year rise in Central-GST, State-GST, and Integrated-GST revenues, despite a dip in cess collections.

For the fiscal year 2025-26, spanning April to July, GST collections amounted to Rs 8.18 lakh crore, reflecting a 10.7% escalation from Rs 7.38 lakh crore in the corresponding period of the previous year. This upward trend encompasses increases across all GST components, including CGST, SGST, IGST, and cess. Notably, in 2024-25, GST collections reached a record Rs 22.08 lakh crore, indicating a 9.4% growth relative to the prior year.

Since its inception in July 2017, the GST system has seen its monthly collections average at Rs 1.84 lakh crore, the highest ever. The consistent rise from Rs 11.37 lakh crore in 2020-21 to Rs 20.18 lakh crore in 2023-24 highlights enhanced economic activity and superior compliance. The recent figures point towards a stronger economy, fuelled by robust domestic demand and vibrant import activity, crucial for India's fiscal health amid global uncertainties.

(With inputs from agencies.)