Imports Drive a Strong Boost in GST Collections

This month, gross Goods and Services Tax (GST) collections rose 14.8 percent year-on-year to Rs.1,99,853 crore. Strong domestic economic activity and higher import-related tax collections contributed to the growth. According to data released by the Central Government, GST revenue from domestic transactions increased 9.3 percent to Rs.1.37 lakh crore, while revenue from imports grew 29 percent to Rs.62,604 crore. The total collections included Rs.38,413 crore in Central GST, Rs.46,316 crore in State GST and Rs.1.15 lakh crore in Integrated GST.

GST refunds increased 68 percent this month to Rs.31,795 crore, taking net GST revenue to Rs.1.68 lakh crore. Telangana also recorded strong growth in GST revenue. After the IGST settlement, the state's GST revenue increased 17 percent year-on-year to Rs.4,550 crore, compared with Rs.3,875 crore during the same month last year.