July GST collection crosses Rs 1.65 lakh crore, records 11% YoY growth

In July, the Gross Goods and Services Tax (GST) collection experienced a notable 11% increase, surpassing ₹1.65 lakh crore. This marked the fifth occasion since the implementation of the indirect tax regime that the collection has crossed the ₹1.6 lakh crore threshold.

During the previous month, the total GST revenue collected amounted to ₹1,65,105 crore. Among this, CGST contributed ₹29,773 crore, SGST contributed Rs 37,623 crore, IGST amounted to ₹85,930 crore (which includes ₹41,239 crore from import of goods), and the cess stood at ₹11,779 crore (including ₹840 crore from import of goods).

According to the finance ministry's statement, the GST revenues for July were 11% higher compared to the revenues recorded in the same month of the previous year. Notably, revenues from domestic transactions (including import of services) witnessed a significant increase of 15% compared to the same period last year.

This achievement marked the fifth time that the gross GST collection has surpassed the ₹1.60 lakh crore milestone, as highlighted by the ministry. It's worth mentioning that in June, the GST collection amounted to ₹1,61,497 crore.