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The government has collected Rs 1.82 lakh crore from Goods and Services Tax (GST) in July 2024. It has increased by 10.3% on an annual basis. This is the third largest GST collection ever collected in any month and the second largest GST collection of the financial year 2024-25.
During this period, the government has collected 1.34 lakh crore tax from domestic business i.e. business happening within the country. There has been a growth of 8.9% on an annual basis. At the same time, the government has collected 48,039 crore GST through imports. There has been an increase of 14.2% in this in one year.
- In July, the government refunded a total amount of Rs 16,283 crore.
- After refunds, net GST revenue for July stood at Rs 1,65,793 crore.
- This is 14.4% more than the same period last year (July 2023).
GST collection so far in FY 2024-25
| month | GST Collection (in lakh crores) |
| April 2024 | ₹2.10 |
| May 2024 | ₹1.73 |
| June 2024 | ₹1.74 |
| July 2024 | ₹1.82 |
| total | ₹7.39 |
Note: Figures are in lakh crore rupees
Source: GST Portal
Top-5 GST Collection
| April 2024 | ₹2.10 lakh crore |
| April 2023 | ₹1.87 lakh crore |
| July 2024 | ₹1.82 lakh crore |
| march 2024 | ₹1.78 lakh crore |
| May 2024 | ₹1.73 lakh crore |
The government did not release GST data in June
The government did not release the GST collection data for the month of June, but some media reports, quoting official sources, said that the GST collection in June reached ₹1.74 lakh crore, which is around 8% higher than June of the previous financial year.
In June last year, the government had collected Rs 1.61 lakh crore from GST. On the other hand, if we look at the collection of May 2024, then the government had collected Rs 1.73 lakh crore from GST. That is, the collection of May and June has been almost equal.
GST collection shows the health of the economy
GST collection is an indicator of the overall health of the economy. On the GST collection figures for the month of April, KPMG National Head Abhishek Jain said that the highest GST collection till date reflects a strong domestic economy.
GST was implemented in 2017
The government implemented GST across the country on 1 July 2017. After this, 17 taxes and 13 cess of the central and state governments were abolished. On the completion of 7 years of GST, the Finance Ministry posted about the achievements made during the last seven years.
GST is an indirect tax. It was implemented in 2017 to replace a variety of previous indirect taxes (VAT), service tax, purchase tax, excise duty and many other indirect taxes. GST has four slabs of 5, 12, 18 and 28%.
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