GST mop-up resists geopolitical turmoil, climbs 7.5% in July
GST
) collections rose 7.5% in July to Rs 1.95 lakh crore from a year earlier, despite prevailing geopolitical tension and its spillover on consumer sentiment, official data released on Friday revealed. In June, the mop-up was Rs 1.84 lakh crore. Experts said that the overall trend shows a stable consumption pattern as gross collections from April to July stood at Rs 8.18 lakh crore, marking a growth of 10.7% from the year earlier.
'Looking at the year-to-date figures, the robust GST collections confirm that the Indian economy is on a consistent growth trajectory, which is a testament to its resilience,' said Saurabh Agarwal, tax partner, EY India.
Explore courses from Top Institutes in
Please select course:
Select a Course Category
MCA
Data Science
Finance
Product Management
Cybersecurity
Project Management
Technology
Healthcare
Management
Artificial Intelligence
PGDM
CXO
Digital Marketing
MBA
Others
Data Science
Operations Management
Design Thinking
Data Analytics
healthcare
others
Leadership
Degree
Public Policy
Skills you'll gain:
Programming Proficiency
Data Handling & Analysis
Cybersecurity Awareness & Skills
Artificial Intelligence & Machine Learning
Duration:
24 Months
Vellore Institute of Technology
VIT Master of Computer Applications
Starts on
Aug 14, 2024
Get Details
'While we may see some seasonal moderation in August, the overall trend is very positive and a clear indicator of India's robust economic growth.' Gross domestic revenue grew 6.7% to Rs 1.43 lakh crore, while tax from imports rose 9.5% to Rs 52,712 crore. Manufacturing activity in July remained resilient despite global challenges, with output rising to a 16-month high of 59.1, supporting the overall economic momentum.
Total refunds for the month stood at Rs 27,147 crore, up 66.8% against the same month last year. 'GST refunds picking up, not just for exports but also for domestic supplies, reflects maturity of the GST regime,' said Abhishek Jain, indirect tax head and partner, KPMG.
'Higher refunds on domestic supplies could be from excess tax payments, inverted duty structures, and other adjustments. The increased refunds should aid cash flows for businesses.' Collections, net of refunds, stood at Rs 1.69 lakh crore, marking 1.7% year-on-year growth. States continued to show a mixed trend.
'The growth in state revenues amongst large producing and consuming states has been very low, ranging from 2% (Delhi), 3% (Gujarat), 4% (Rajasthan), 6% (Maharashtra), 7% (Karnataka) to 8% (Tamil Nadu),' said MS Mani, tax partner, Deloitte. Among the larger states, West Bengal (12%), Andhra Pradesh (14%) and Madhya Pradesh (18%), posted double digit growth in collections.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
6 minutes ago
- Economic Times
Eris Lifesciences eyes ‘good' share in semaglutide generics, says COO
Mr. Krishnakumar Vaidyanathan, Executive Director & Chief Operating Officer Eris Lifesciences looks to leverage its experience in integrated diabetes portfolio to take a lead among the first wave of generic semaglutide anti-diabetic and weight-loss drugs to hit the market early next year, a top official said. The company is looking at a 'good' share of the market, Krishnakumar Vaidyanathan, executive director and chief operating officer of Eris Lifesciences, told ET in an interaction. Semaglutide is the active ingredient in Novo Nordisk's blockbuster drugs Wegovy and Ozempic. Its patent in India will expire in March 2026. 'We are gearing up to be among the first to enter the market post loss of exclusivity,' Vaidyanathan said. 'We expect the overall market for GLP-1 at the end of the first 12 months (after the loss of exclusivity) to be at least 10 million units… And we expect to get a good share of the market.' Semaglutide is a glucagon-like peptide-1 (GLP-1) receptor agonist. Eris Lifesciences' existing diabetes portfolio includes orals, insulin and GLP-1 in the form of liraglutide. Its network of field representatives, patient connect and service platform in this space gives the firm an advantage over others, Vaidyanathan said. 'We do this day in and day out because of insulin. That gives us the confidence that we'll be able to step this up for GLP-1 as well.'Globally, the GLP-1 market is dominated by Eli Lilly and Novo Nordisk, which are also the two biggest insulin companies in the world. 'Being successful and big in the insulin market provides a huge tailwind when it comes to selling GLPs,' Vaidyanathan said. 'We have combined service with technology and product to create a winning combination in insulin and GLP therapy entry is not any different, which also requires a lot of patient education over and above the service on using the pens,' he said. 'We have an integrated diabetes portfolio because we currently sell GLP-1 in the form of liraglutide.' Dr Reddy's Labs, Sun Pharmaceutical Industries, Cipla, Mankind Pharma, Torrent Pharmaceuticals, and Zydus Lifesciences are also among Indian drugmakers readying to launch generic semaglutide next year. Eris Lifesciences launched liraglutide, a once-a-week GLP-1 product, last September. 'We have taken very good market shares in all the other LOE (loss of exclusivity) opportunities that we have seen in diabetes,' Vaidyanathan said. 'We have taken market ranks of 1 to 5 in each one without exception – vildagliptin, sitagliptin, linagliptin, dapagliflozin and empagliflozin. That gives us the confidence that we should be getting a fair share of the market.' Vishal Manchanda, pharma analyst at brokerage Systematix Group, said its full portfolio of anti-diabetes drugs to offer to diabetologist, spanning all oral and injectable options, should give Eris Lifesciences 'a strong positioning in a market where the large pharma majors like Sun, Lupin, Dr Reddy's, Cipla, Mankind and Zydus come in with their dominant brand presence.'
Hans India
9 minutes ago
- Hans India
Vedanta continues winning street confidence: Brokerages forecast strong earnings ahead
New Delhi: Major global and Indian brokerages remain optimistic on Vedanta Ltd's performance for FY26, citing stronger LME pricing trends, cost discipline, deleveraging, and a resilient aluminium business among the key growth drivers. These firms have also taken note of the several growth projects scheduled for commissioning or completion in the next few quarters. JP Morgan noted that Vedanta's first quarter consolidated EBITDA was largely in line with estimates, with key segments such as aluminium, oil and gas, and power faring better than its expectations, leading to an overall segmental EBITDA beat. On the earnings trajectory for the current and next fiscal, the firm expects various ongoing initiatives at Vedanta to aid growth. "Vedanta's capacity expansion journey in the aluminium business as well as vertical integration should bring cost advantages. LME prices have also bottomed out and should continue to move higher into FY26-27, likely aiding earnings growth." Echoing similar views on LME prices and its potential benefit, Citi Research cited that Vedanta's parent (Vedanta Resources) leverage is at comfortable levels. It listed potential upside in medium-term aluminium LME prices, lower cost, and the demerger as another positive for Vedanta, while adding that aluminium globally has a limited supply growth. Mumbai-based Nuvama Institutional Equities expects Vedanta to deliver quarter-on-quarter EBITDA growth in Q2. "Q2FY26 EBITDA is likely to increase 10 per cent-plus quarter-on-quarter on the back of higher prices and lower aluminium cost of production. Major aluminium projects are likely to be commissioned in Q2FY26. We reckon net debt/EBITDA ex-Hindustan Zinc shall fall to 1.7x by FY26-end, compared to 2.7x in FY25. Demerger of the business is likely to be concluded in Q4FY26," the firm said in its report. The brokerage expects Vedanta's all major projects except coal blocks to be likely commissioned in the current fiscal, providing volume growth and cost reduction visibility for the company. UK-based Investec stated in its post-earnings report that Vedanta is a key beneficiary of depreciation in the Indian Rupee. Other near-term positives listed by the firm include declining alumina prices and the company offering attractive yields. The firm has retained its buy recommendation on Vedanta. Research firms like Kotak Institutional Equities and IIFL have cited factors like cost efficiencies and deleveraging at both Vedanta Ltd and its parent Vedanta Resources as beneficial factors. Vedanta's adjusted profit after tax jumped 13 per cent year-on-year to Rs 5,000 crore. The company clocked its highest-ever first-quarter EBITDA of Rs 10,746 crore, which was up 5 per cent year-on-year.
Deccan Herald
9 minutes ago
- Deccan Herald
Bosch plans up to Rs 700 crore capex in FY26
For the quarter ended June 2025, Bosch Limited posted its total revenue from operations of Rs 4,789 crore, an increase of 10.9% over the same quarter last year. The growth is driven by higher demand in the off-highway and passenger car segments.
