Deccan Chronicle

July GST revenues rise 11% to `1.65 lakh crore

- MADHUSUDAN SAHOO NEW DELHI, AUG 1

Goods and Services Tax (GST) collection­s for July stood at `1.65 lakh crore, an 11 per cent increase over last year. The increase is due to anti-evasion measures and higher consumer spending.

“The gross GST revenue collected in July is `1,65,105 crore of which CGST is `29,773 crore, SGST is `37,623 crore, IGST is `85,930 crore (including `41,239 crore collected on import of goods) and cess is `11,779 crore (including `840 crore collected on import of goods). The revenues for the month were 11 per cent higher than GST revenues in July 2022, when it was about `1.49 lakh crore,” the finance ministry said in a statement.

The government said that July was the second consecutiv­e month when revenues from taxes paid on goods sold and services rendered showed an increase month-on-month. It was `1.61 lakh crore and `1.57 lakh crore in June and May, respective­ly. The record high collection of `1.87 lakh crore was seen in April. Meanwhile, India’s manufactur­ing sector activity continued to expand and moderated for the second straight month in July on strong growth momentum, compared to June as rates of expansion in output and new orders eased slightly.

Although the S&P Global Purchasing Managers’ Index or PMI edged down marginally to 57.7 in July from 57.8 in June, the country's manufactur­ing sector maintained strong growth momentum at the start of the third quarter amid ongoing buoyant demand, a private survey said on Tuesday.

The July PMI data pointed to an improvemen­t in overall operating conditions for the 25th straight month. In PMI parlance, a print above 50 means expansion while a score below 50 indicates contractio­n. “The rates of expansion in output and new orders were only marginally softer than in June, with firms expanding their employment and purchasing activity accordingl­y,” the survey said.

Meanwhile, the GST Council in its meeting on Wednesday is likely to finalise the modalities for determinat­ion of supply value in online gaming and casinos for levying 28 per cent tax. Industry body All India Gaming Federation had termed the decision as ‘unconstitu­tional and irrational’.

THE GOVERNMENT said that July was the second consecutiv­e month when revenues from taxes paid on goods sold and services rendered showed an increase month-on-month.

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