Centre, states collect ₹1.65 tn in GST; Delhi’s growth fastest

livemint.com:

₹1.65 trillion in Goods and Services Tax (GST) revenue in July, an 11% improvement over the year- ago period, official data showed on Tuesday. This is the fifth time GST revenue collection has crossed the ₹1.6 trillion mark, said the finance ministry. The government’s estimate for average monthly collection this fiscal is ₹1.65 trillion.c After settlement for inter-state sales, the Centre collected ₹69,558 crore and states ₹70,811 crore from GST in July, the finance ministry statement said.

In July, revenue from domestic transactions (which includes import of services) was 15% higher than the revenue from these sources in the same month last year. Among large state economies, Punjab, Haryana, Delhi, Uttar Pradesh, Maharashtra, Karnataka and Tamil Nadu reported double digit revenue growth. Delhi reported a 25% annual improvement in GST revenue in July at ₹5,405 crore, followed by Uttar Pradesh (24% jump to ₹8,802 cr), Maharashtra (18% increase to ₹26,024 cr), Karnataka (17%, ₹11,505 cr) and Tamil Nadu (19%, ₹10,022 cr).

Gujarat, however, reported only a 7% revenue growth in July. The GST revenue receipts in the first month of the second quarter was the second highest revenue collection this year after April’s record ₹1.87 trillion. Typically, after brisk inventory clearance at the end of a financial year, companies pause in the initial months before gearing up shipments in the subsequent months.