GST collections July 2024

GST Collections Surge by 10.3% in July 2024, Reflecting Economic Resilience

The gross Goods and Services Tax (GST) collection in India rose by 10.3% in July 2024, reaching Rs 1,82,075 crore, according to a report by ET Bureau on Thursday. Despite the government’s decision to discontinue the monthly release of GST collection data, this increase underscores India’s robust economic activity and resilience in the face of global uncertainties.

July 2024 GST Collection Breakdown

In July 2024, GST collections totaled Rs 1,82,075 crore, marking a significant 10.3% rise compared to the Rs 1,65,105 crore collected in July 2023. This growth was observed across all categories:

• Central GST (CGST)
• State GST (SGST)
• Integrated GST (IGST)
• Cess

Reported by ANI, the net GST collection, after refunds, stood at Rs 1,65,793 crore for July 2024, reflecting a 14.4% increase on a yearly basis.

Year-to-Date GST Collection for 2024

Year-to-date figures for 2024 reveal a 10.2% increase in GST collections, amounting to Rs 7.38 lakh crore compared to Rs 6.70 lakh crore in the same period of 2023. Notably, the first half of 2024 saw remarkable monthly collections:

• April 2024: Rs 2.10 lakh crore (record high)
• May 2024: Rs 1.73 lakh crore
• June 2024: Rs 1.74 lakh crore

Financial Year 2023-24 GST Collection Summary

For the financial year 2023-24, the total gross GST collection reached Rs 20.18 lakh crore, an 11.7% increase from the previous year. The average monthly collection for the fiscal year ended March 2024 stood at Rs 1.68 lakh crore, surpassing the prior year’s average of Rs 1.5 lakh crore.

Economic Implications

The recent surge in GST collections is a positive economic indicator for India, reflecting strong domestic consumption and robust import activity. This increase is a promising sign for the country’s fiscal health and economic recovery, demonstrating resilience amid global uncertainties.

The GST Regime: A Brief Overview

Introduced on July 1, 2017, the GST aimed to simplify the fragmented tax system in India. The GST regime has since reduced inefficiencies, simplified compliance, and minimized the cascading impact of taxes. The GST Council, led by the Union Finance Minister and comprising Finance Ministers from all states, plays a key role in managing the tax.

Consumer Benefits of GST

A study by the Finance Ministry revealed significant savings for consumers due to GST. On average, households have saved at least 4% on their monthly expenses, with reduced costs for daily essentials like:

• Cereals
• Edible oils
• Sugar
• Sweets
• Snacks

Additionally, key items such as hair oil, toothpaste, soap, detergents, wheat, rice, curd, lassi, wristwatches, TVs up to 32 inches, refrigerators, washing machines, and mobile phones have seen substantial GST rate cuts or zero rates, benefiting consumers nationwide.

Conclusion

The rise in GST collections in July 2024 is a testament to India’s economic resilience and growth. By streamlining the tax system and reducing the burden on consumers, GST collections July 2024,the GST regime continues to play a pivotal role in the country’s economic landscape. As India navigates the complexities of the global economy, these positive trends in GST collections signal a strong foundation for future fiscal health and economic stability.

FAQs:

1.What was the GST collection in July 2024?

A. The GST collection in July 2024 was Rs 1,82,075 crore, marking a 10.3% increase from the previous year.

2.Why has the government discontinued the release of monthly GST collection data?

A. The government has not provided a specific reason for discontinuing the monthly release of GST collection data.

3.How did the net GST collection for July 2024 compare to the previous year?

A. The net GST collection for July 2024 was Rs 1,65,793 crore, a 14.4% increase from the previous year.

4.What were the key components of GST collections?

A. GST collections include Central GST (CGST), State GST (SGST), Integrated GST (IGST), and cess.

5.What is the significance of the increase in GST collections?

A. The increase in GST collections reflects strong domestic consumption and robust import activity, indicating a positive economic trend.

6.How has the GST regime benefited consumers?

A. The GST regime has reduced costs for daily essentials and key consumer goods, leading to average household savings of at least 4%.

7.What was the total gross GST collection for the financial year 2023-24?

A. The total gross GST collection for the financial year 2023-24 was Rs 20.18 lakh crore.

8.How does the average monthly GST collection for 2023-24 compare to the previous year?

A. The average monthly GST collection for 2023-24 was Rs 1.68 lakh crore, surpassing the prior year’s average of Rs 1.5 lakh crore.

9.What role does the GST Council play in the GST regime?

A. The GST Council, led by the Union Finance Minister and comprising Finance Ministers from all states, manages the GST regime and addresses related issues.

10.What items have seen significant GST rate cuts or zero rates?

A. Items such as hair oil, toothpaste, soap, detergents, wheat, rice, curd, lassi, wristwatches, TVs up to 32 inches, refrigerators, washing machines, and mobile phones have benefited from GST rate cuts or zero rates.

GST collections July 2024

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