The Goods and Services Tax (GST) revenue collections for July 2024 have shown substantial growth compared to the previous year. This article delves into the detailed figures of gross and net GST revenue collections for July 2024, highlighting the overall performance and the growth trends observed. By examining these collections, we can gain insights into the economic activities and compliance levels within the country.
Gross GST Revenue Collections:
The total gross GST revenue collections for July 2024 amounted to ₹1,82,075 crores, marking a 10.3% increase from ₹1,65,105 crores in July 2023. This growth can be attributed to several factors including increased economic activity and improved compliance. Breaking down the components of the gross GST revenue:
1. Domestic GST Collections:
- CGST: ₹32,386 crores in July 2024, up from ₹29,773 crores in July 2023.
- SGST: ₹40,289 crores in July 2024, up from ₹37,623 crores in July 2023.
- IGST: ₹49,437 crores in July 2024, up from ₹44,691 crores in July 2023.
- CESS: ₹11,923 crores in July 2024, up from ₹10,939 crores in July 2023.
- Total Domestic Revenue: ₹1,34,036 crores in July 2024, reflecting an 8.9% growth from ₹1,23,026 crores in July 2023.
2. Import GST Collections:
- IGST: ₹47,009 crores in July 2024, up from ₹41,239 crores in July 2023.
- CESS: ₹1,029 crores in July 2024, up from ₹840 crores in July 2023.
- Total Import Revenue: ₹48,039 crores in July 2024, reflecting a 14.2% growth from ₹42,079 crores in July 2023.
Net GST Revenue Collections:
Net GST revenue collections, which account for refunds, also saw a significant increase. The total net GST revenue for July 2024 stood at ₹1,65,793 crores, up by 14.4% from ₹1,44,897 crores in July 2023.
1. Domestic Refunds:
- CGST: ₹1,972 crores in July 2024, down from ₹2,881 crores in July 2023.
- SGST: ₹2,448 crores in July 2024, down from ₹3,587 crores in July 2023.
- IGST: ₹3,231 crores in July 2024, down from ₹5,140 crores in July 2023.
- CESS: ₹161 crores in July 2024, down from ₹248 crores in July 2023.
- Total Domestic Refunds: ₹7,813 crores in July 2024, down by 34.1% from ₹11,857 crores in July 2023.
2. Export Refunds:
- IGST: ₹8,335 crores in July 2024, up from ₹8,197 crores in July 2023.
- CESS: ₹135 crores in July 2024, down from ₹154 crores in July 2023.
- Total Export Refunds: ₹8,470 crores in July 2024, up by 1.4% from ₹8,352 crores in July 2023.
3. Net Domestic Revenue (A.1 – B.1):
- CGST: ₹30,414 crores in July 2024, up from ₹26,892 crores in July 2023.
- SGST: ₹37,842 crores in July 2024, up from ₹34,036 crores in July 2023.
- IGST: ₹46,206 crores in July 2024, up from ₹39,551 crores in July 2023.
- CESS: ₹11,762 crores in July 2024, up from ₹10,691 crores in July 2023.
- Total Net Domestic Revenue: ₹1,26,224 crores in July 2024, reflecting a 13.5% growth from ₹1,11,170 crores in July 2023.
4. Net IGST Revenue (A.2 – B.2):
- IGST: ₹38,674 crores in July 2024, up from ₹33,041 crores in July 2023.
- CESS: ₹895 crores in July 2024, up from ₹686 crores in July 2023.
- Total Net IGST Revenue: ₹39,569 crores in July 2024, reflecting a 17.3% growth from ₹33,727 crores in July 2023.
State-wise GST Revenue Collections:
The state-wise growth in GST revenue collections for July 2024 varied significantly. Key highlights include:
- Jammu and Kashmir: 15% growth to ₹629 crores.
- Haryana: 14% growth to ₹9,082 crores.
- Delhi: 10% growth to ₹5,964 crores.
- Maharashtra: 11% growth to ₹28,970 crores.
- Karnataka: 13% growth to ₹13,025 crores.
On the other hand, some states experienced declines:
- Himachal Pradesh: -7% decline to ₹854 crores.
- Tripura: -8% decline to ₹72 crores.
- Meghalaya: -19% decline to ₹142 crores.
Conclusion:
The GST revenue collections for July 2024 indicate a positive economic trend with an overall increase in both gross and net collections compared to the previous year. The substantial growth in net GST revenue collections, despite the reduction in refunds, reflects improved compliance and economic activity. State-wise variations highlight the diverse economic landscapes across the country. These figures provide valuable insights for policymakers and stakeholders in understanding and strategizing future economic and fiscal policies.
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Gross and Net GST revenue collections for the month of July, 2024
Aug 1st, 2024
Please click on the link below to view the gross and net GST revenue collections for the month of July, 2024.
(https://tutorial.gst.gov.in/downloads/news/approved_monthly_gst_data_for_publishing_july_2024.pdf )
Thanks,
Team GSTN
| GST Gross and Net Collections (Amount in crores) – July 2024 | ||||||
| Monthly | YTD | |||||
| Particulars | July 2023 | July 2024 | % Growth | July 2023 | July 2024 | % Growth |
| A | B | C | D = C/B-1 | E | F | G = F/E-1 |
| A.1. Domestic | ||||||
| CGST | 29,773 | 32,386 | 1,27,637 | 1,41,268 | ||
| SGST | 37,623 | 40,289 | 1,59,155 | 1,74,808 | ||
| IGST | 44,691 | 49,437 | 1,79,725 | 2,06,406 | ||
| CESS | 10,939 | 11,923 | 43,366 | 47,571 | ||
| Gross Domestic Revenue | 1,23,026 | 1,34,036 | 8.9% | 5,09,883 | 5,70,052 | 11.8% |
| A.2. Imports | ||||||
| IGST | 41,239 | 47,009 | 1,57,018 | 1,64,756 | ||
| CESS | 840 | 1,029 | 3,826 | 4,086 | ||
| Gross Import Revenue | 42,079 | 48,039 | 14.2% | 1,60,844 | 1,68,841 | 5.0% |
| A.3. Gross GST Revenue(A.1+A.2) | ||||||
| CGST | 29,773 | 32,386 | 1,27,637 | 1,41,268 | ||
| SGST | 37,623 | 40,289 | 1,59,155 | 1,74,808 | ||
| IGST | 85,930 | 96,447 | 3,36,743 | 3,71,161 | ||
| CESS | 11,779 | 12,953 | 47,193 | 51,657 | ||
| Total Gross GST Revenue | 1,65,105 | 1,82,075 | 10.3% | 6,70,727 | 7,38,894 | 10.2% |
| B.1. Domestic Refunds | ||||||
| CGST | 2,881 | 1,972 | 11,205 | 10,672 | ||
| SGST | 3,587 | 2,448 | 13,800 | 13,482 | ||
| IGST | 5,140 | 3,231 | 20,756 | 16,651 | ||
| CESS | 248 | 161 | 740 | 937 | ||
| Refund – Domestic | 11,857 | 7,813 | -34.1% | 46,500 | 41,742 | -10.2% |
| B.2. Export IGST Refunds | ||||||
| IGST | 8,197 | 8,335 | 32,842 | 40,584 | ||
| CESS | 154 | 135 | 586 | 602 | ||
| Refund – Exports | 8,352 | 8,470 | 1.4% | 33,428 | 41,186 | 23.2% |
| B.3. Total Refund (B.1+B.2) | ||||||
| CGST | 2,881 | 1,972 | 11,205 | 10,672 | ||
| SGST | 3,587 | 2,448 | 13,800 | 13,482 | ||
| IGST | 13,338 | 11,566 | 53,598 | 57,235 | ||
| CESS | 403 | 296 | 1,326 | 1,539 | ||
| Total Refund | 20,209 | 16,283 | -19.4% | 79,928 | 82,927 | 3.8% |
| C.1 Net Domestic Revenue (A.1 – B.1) | ||||||
| CGST | 26,892 | 30,414 | 1,16,432 | 1,30,596 | ||
| SGST | 34,036 | 37,842 | 1,45,355 | 1,61,326 | ||
| IGST | 39,551 | 46,206 | 1,58,969 | 1,89,754 | ||
| CESS | 10,691 | 11,762 | 42,627 | 46,634 | ||
| Net Domestic Revenue | 1,11,170 | 1,26,224 | 13.5% | 4,63,383 | 5,28,311 | 14.0% |
| C.2 Net IGST Revenue (A.2 – B.2) | ||||||
| IGST | 33,041 | 38,674 | 1,24,175 | 1,24,172 | ||
| CESS | 686 | 895 | 3,240 | 3,484 | ||
| Net IGST Revenue | 33,727 | 39,569 | 17.3% | 1,27,416 | 1,27,656 | 0.2% |
| C.3 Net Revenue (C.1+C.2)) | ||||||
| CGST | 26,892 | 30,414 | 1,16,432 | 1,30,596 | ||
| SGST | 34,036 | 37,842 | 1,45,355 | 1,61,326 | ||
| IGST | 72,592 | 84,880 | 2,83,144 | 3,13,926 | ||
| CESS | 11,377 | 12,657 | 45,867 | 50,118 | ||
| Total Net GST Revenue | 1,44,897 | 1,65,793 | 14.4% | 5,90,799 | 6,55,966 | 11.0% |
Note:
The above numbers are provisional and the actuals number may slightly vary on finalization.
State-wise growth of GST Revenues (Domestic) during July, 20241
| State/UT | July-23 | July-24 | Growth (%) |
| Jammu and Kashmir | 549 | 629 | 15% |
| Himachal Pradesh | 917 | 854 | -7% |
| Punjab | 2,000 | 2,069 | 3% |
| Chandigarh | 217 | 233 | 8% |
| Uttarakhand | 1,607 | 1,700 | 6% |
| Haryana | 7,953 | 9,082 | 14% |
| Delhi | 5,405 | 5,964 | 10% |
| Rajasthan | 3,988 | 4,369 | 10% |
| Uttar Pradesh | 8,802 | 9,125 | 4% |
| Bihar | 1,488 | 1,569 | 5% |
| Sikkim | 314 | 325 | 4% |
| Arunachal Pradesh | 74 | 81 | 10% |
| Nagaland | 43 | 58 | 34% |
| Manipur | 42 | 68 | 61% |
| Mizoram | 39 | 39 | -1% |
| Tripura | 78 | 72 | -8% |
| Meghalaya | 175 | 142 | -19% |
| Assam | 1,183 | 1,370 | 16% |
| West Bengal | 5,128 | 5,257 | 3% |
| Jharkhand | 2,859 | 3,135 | 10% |
| Odisha | 4,245 | 4,925 | 16% |
| Chhattisgarh | 2,805 | 3,319 | 18% |
| Madhya Pradesh | 3,325 | 3,683 | 11% |
| Gujarat | 9,787 | 11,015 | 13% |
| Dadra and Nagar Haveli and Daman & D | 354 | 339 | -4% |
| Maharashtra | 26,064 | 28,970 | 11% |
| Karnataka | 11,505 | 13,025 | 13% |
| Goa | 528 | 593 | 12% |
| Lakshadweep | 2 | 1 | -51% |
| Kerala | 2,381 | 2,493 | 5% |
| Tamil Nadu | 10,022 | 10,490 | 5% |
| Puducherry | 216 | 225 | 4% |
| Andaman and Nicobar Islands | 31 | 39 | 27% |
| Telangana | 4,849 | 4,940 | 2% |
| Andhra Pradesh | 3,593 | 3,346 | -7% |
| Ladakh | 23 | 38 | 67% |
| Other Territory | 226 | 220 | -2% |
| Center Jurisdiction | 209 | 238 | 14% |
| Grand Total | 1,23,026 | 1,34,036 | 9% |
SGST & SGST portion of IGST settled to States/UTs in July (Rs. in crore)
| Pre-Settlement SGST | Post-Settlement SGST2 | |||||
| State/UT | July-23 | July-24 | Growth | July-23 | July-24 | Growth |
| Jammu and Kashmir | 234 | 257 | 10% | 663 | 753 | 14% |
| Himachal Pradesh | 233 | 240 | 3% | 518 | 583 | 12% |
| Punjab | 727 | 753 | 4% | 1,865 | 1,902 | 2% |
| Chandigarh | 57 | 63 | 11% | 190 | 186 | -2% |
| Uttarakhand | 415 | 490 | 18% | 625 | 815 | 30% |
| Haryana | 1,610 | 1,820 | 13% | 2,866 | 3,309 | 15% |
| Delhi | 1,221 | 1,285 | 5% | 2,827 | 2,820 | 0% |
| Rajasthan | 1,380 | 1,436 | 4% | 3,199 | 3,610 | 13% |
| Uttar Pradesh | 2,751 | 2,811 | 2% | 6,176 | 6,953 | 13% |
| Bihar | 718 | 739 | 3% | 2,187 | 2,351 | 8% |
| Sikkim | 30 | 25 | -14% | 83 | 73 | -12% |
| Arunachal Pradesh | 37 | 37 | 0% | 150 | 141 | -6% |
| Nagaland | 18 | 26 | 41% | 88 | 89 | 1% |
| Manipur | 23 | 34 | 52% | 80 | 101 | 25% |
| Mizoram | 22 | 21 | -4% | 79 | 75 | -6% |
| Tripura | 40 | 35 | -12% | 125 | 129 | 3% |
| Meghalaya | 50 | 40 | -20% | 149 | 136 | -9% |
| Assam | 451 | 463 | 3% | 1,146 | 1,193 | 4% |
| West Bengal | 1,953 | 1,925 | -1% | 3,483 | 3,709 | 6% |
| Jharkhand | 721 | 741 | 3% | 1,051 | 1,174 | 12% |
| Odisha | 1,300 | 1,482 | 14% | 1,716 | 2,035 | 19% |
| Chhattisgarh | 627 | 722 | 15% | 1,009 | 1,349 | 34% |
| Madhya Pradesh | 1,045 | 1,119 | 7% | 2,626 | 3,132 | 19% |
| Gujarat | 3,293 | 3,736 | 13% | 5,210 | 5,838 | 12% |
| Dadra and Nagar Haveli and D | 56 | 60 | 6% | 85 | 122 | 43% |
| Maharashtra | 7,958 | 8,630 | 8% | 12,124 | 13,201 | 9% |
| Karnataka | 3,181 | 3,557 | 12% | 5,831 | 6,435 | 10% |
| Goa | 173 | 207 | 20% | 320 | 362 | 13% |
| Lakshadweep | 2 | 1 | -65% | 14 | 12 | -12% |
| Kerala | 1,093 | 1,101 | 1% | 2,534 | 2,514 | -1% |
| Tamil Nadu | 3,300 | 3,637 | 10% | 5,419 | 6,489 | 20% |
| Puducherry | 41 | 42 | 2% | 99 | 117 | 18% |
| Andaman and Nicobar Islands | 11 | 19 | 68% | 37 | 47 | 28% |
| Telangana | 1,623 | 1,625 | 0% | 3,345 | 3,576 | 7% |
| Andhra Pradesh | 1,199 | 1,074 | -10% | 2,755 | 2,613 | -5% |
| Ladakh | 11 | 19 | 75% | 58 | 72 | 23% |
| Other Territory | 19 | 15 | -25% | 75 | 95 | 28% |
| Grand Total | 37,623 | 40,289 | 7% | 70,811 | 78,110 | 10% |
Note:-
1Does not include GST on import of goods
2 Post-Settlement GST is cumulative of the GST revenues of the States/UTs and the SGST portion of the IGST settled to the States/UTs
