GST collections move up around 15% on year

Indias gross goods and services tax (GST) collections gained 15.4% year-on-year to Rs 2.11 lakh crore in July, marking one of the strongest monthly performances this fiscal year, according to data released by the finance ministry. After adjusting for refunds, net GST collections rose around 16% year-on-year to Rs 1.81 lakh crore. Domestic GST collections rose 10.1% to Rs 1.44 trillion in July, while GST revenue from imports spiked 28.8% to Rs 66,511 crore, indicating healthy domestic demand alongside resilient import activity. Net GST revenue from imports climbed 30.3% to Rs 54,223 crore.

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