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The Goods and Services Tax (GST) collections in July, in gross terms, rose over 7.5 per cent to about 1.95 lakh crore compared to about 1.82 lakh crore in the same month last year, according to official data released Friday.
In the month of July, collections of Central-GST, State-GST, and Integrated-GST rose year-on-year, while cess declined year-on-year. So far in 2025-26 - April-July, the GST collections rose 10.7 per cent to Rs 8.18 lakh crore, as against Rs 7.38 lakh crore in the same period last fiscal. In this case, all components - CGST, SGST, IGST, and cess - rose. India's Goods and Services Tax (GST) system has achieved a major milestone in 2024-25, with a record gross collection of Rs 22.08 lakh crore, showing a 9.4 per cent growth over the previous year. The average monthly GST collection stood at Rs 1.84 lakh crore, the highest since GST was launched in 2017. GST collections have steadily increased over the years, rising from Rs 11.37 lakh crore in 2020-21 to Rs 20.18 lakh crore in 2023-24, reflecting stronger economic activity and better compliance. The recent GST collections reflect a positive trajectory for India's economy, underscoring robust domestic consumption and buoyant import activity. The figures bode well for the country's fiscal health and economic recovery efforts, signalling resilience amidst global uncertainties. The Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017, for five years. The GST Council, which was formed under the Constitution to guide GST policy, has played a key role in shaping the system. It is chaired by the Union Finance Minister and includes state finance ministers and other key officials. Since its formation in 2016, the Council has held 55 meetings, taking many important decisions to make the GST system simpler and more business-friendly. (ANI)
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