THIRUVANANTHAPURAM: While the country’s Goods and Services Tax (GST) collections in July increased by 10.3 per cent to Rs182,075 crore (Rs1.82 trillion), Kerala’s GST revenue growth was less than half of it, at 5 per cent.
While Kerala’s GST revenue in July 2023 was at Rs2,381 crore, that in July in the current financial year has been computed as Rs2,493 crore, reflecting a growth of only 5 per cent.
According to data available with businessbenchmark.news, the growth in Kerala’s GST revenue in July was also far less than the growth logged by the combined GST revenue earned by all states and Union Territories (UTs) put together.
Ladakh, Manipur
While the states/UTs such as Ladakh and Manipur registered a year on year (YoY) growth of 67 per cent and 61 per cent in the July GST revenue respectively, Lakshadweep, Meghalaya etc witnessed a negative growth during the month under review.
The total collection for July 2023 was to the tune of Rs165,105 crore. CGST, SGST, IGST, and cess increased year-on-year in July, according to the data available.
So far in 2024, the total GST collection has been 10.2 per cent higher at Rs7.38 lakh crore, as against Rs6.70 lakh crore mopped up in the corresponding period of 2023.
April is best
The month of April witnessed a record high GST mop-up of Rs2.10 lakh crore. In May and June, the collections were at Rs1.73 lakh crore and Rs1.74 lakh crore, official data showed.
During the financial year 2023-24, the total gross GST collection was recorded at Rs20.18 lakh crore, with an 11.7 per cent increase, compared with the previous fiscal year 2022-23 (FY23).
The average monthly collection of GST for the fiscal year that ended in March 2024 was at Rs1.68 lakh crore, exceeding the previous year’s average of Rs1.5 lakh crore.
The surge in recent GST collections reflects a positive trajectory for India’s economy, underscoring robust domestic consumption and buoyant import activity, according to Finance Ministry officials.
“The figures bode well for the country’s fiscal health and economic recovery efforts and signals resilience amidst global uncertainties,” they added.
