India's GST collections hit 14-month high, touch ₹2.1L crore
What's the story
India's Goods and Services Tax (GST) collections have hit a 14-month high, crossing the ₹2 lakh crore mark for the second time in the current fiscal year. The gross GST collections for July stood at ₹2.11 lakh crore, a 15.4% increase from last year's figures. This is the highest growth rate since May 2025 when revenues grew by 16.4% year-on-year.
Revenue breakdown
Import-related GST collections surge by 29%
The impressive growth in July's GST collections was mainly driven by a massive jump in import-related GST collections, which surged by 28.8% to ₹66,511 crore.
Domestic GST revenues also remained strong, growing by 10.1% to ₹1.45 lakh crore during the same period.
This indicates sustained strength in economic activity and consumption in India.
Monthly comparison
Collections surpass June's figures as well
July's GST collections also surpassed June's figures, when revenues increased by 13.9% to ₹1.95 lakh crore.
The gross GST collections had first crossed the ₹2 lakh crore mark this fiscal in April, with revenues hitting a record ₹2.43 lakh crore due to year-end business transactions and annual return filings.
After dipping slightly in May and June, collections have now surged past the ₹2 lakh crore mark again in July.
Revenue after refunds
Net revenues jump over 15%
After accounting for the refunds, net GST revenues stood at ₹1.81 lakh crore in July, a 15.8% increase from last year.
Total refunds rose by 13.1% to ₹29,968 crore during the month, while net customs GST revenues jumped by an impressive 30.3%.
This reflects higher tax collections on the imports.
Fiscal performance
Cumulative gross GST collections rise by over 10%
On a cumulative basis, gross GST collections during April-July of FY27 rose by 10.1% to ₹8.43 lakh crore from ₹7.66 lakh crore in the same period last year. Net collections increased by 9.2% to ₹7.21 lakh crore, further highlighting India's fiscal performance.