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Time of India
02-07-2025
- Business
- Time of India
GST collections up 6.2%, slowest since last Sept
New Delhi: GST collections grew 6.2% to Rs 1,84,597 crore in June, marking the slowest pace of expansion since last September. The numbers for transactions in May indicated weak demand as collections from domestic sources rose 4.6% to Rs 1,38,906 crore, while those from imports clocked double-digit growth of 11% and reached Rs 45,690 crore. There was double-digit growth during April and May, resulting in average monthly collections of over Rs 2 lakh crore so far this year. The latest GST data comes on the back of weak industrial production as well as muted growth in direct taxes during the first quarter of the current financial year. "Around 6% growth in GST collections, coupled with less than 4% growth in advance tax collection during the first quarter of FY26, does indicate softening of demand and a cautious outlook. One of the reasons could be conservative spending by consumers, which may improve in the next couple of months,," said Pratik Jain, partner at Price Waterhouse & Co. "Coming on the 8th anniversary of the introduction of GST, it is hoped that such muted growth in collection on a year-on-year basis is just an aberration," said Karthik Mani, partner for indirect tax at BDO India. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
NDTV
01-06-2025
- Business
- NDTV
GST Collections Above Rs 2 Trillion For Second Straight Month
New Delhi: Gross GST collections remained above the Rs 2 trillion mark for the second month in a row, rising 16.4 per cent in May to over Rs 2.01 lakh crore. Goods and Services Tax (GST) collection had touched a record high of Rs 2.37 lakh crore in April. In May, 2024, the mop up was Rs 1,72,739 crore. In May, 2025, gross revenues from domestic transactions rose 13.7 per cent to about Rs 1.50 lakh crore, while GST revenue from imports grew 25.2 per cent to Rs 51,266 crore. Total gross GST revenues stood at Rs 2,01,050 crore in May, 2025. Gross Central GST revenues stood at Rs 35,434 crore, State GST revenues at Rs 43,902 crore and Integrated GST at about Rs 1.09 lakh crore. Revenues from Cess was at Rs 12,879 crore. Total refunds issued during the month dipped 4 per cent to Rs 27,210 crore. Net GST mop-up in May stood at about Rs 1.74 lakh crore, a 20.4 per cent year-on-year growth. Deloitte India Partner M S Mani said the wide variations in the growth of GST collections across states require a thorough analysis across the sectors that are important in each state. While large states like Maharashtra, West Bengal, Karnataka and Tamil Nadu have reported collection increases of 17 per cent to 25 per cent, similar large states like Gujarat, Andhra Pradesh and Telangana have shown increases of up to 6 per cent. Some states like Madhya Pradesh, Haryana, Punjab and Rajasthan have shown median increases of 10 per cent. "Hence, the average growth across the country does not appear to be uniformly reflected across states possibly due to sectoral or seasonal factors which require a deeper data based analysis," Mani said. Price Waterhouse & Co LLP Partner Pratik Jain said 16 per cent growth in GST collections in the month shows a renewed upward momentum after a few months of growth in the range of 11 to 12 per cent. "If the growth continues in this range for the next couple of months, it might provide the cushion for the government to look at rate rationalization on which a lot of work has already been done," Jain said. EY India Tax Partner Saurabh Agarwal said looking ahead, we might see similar GST collection numbers with slight increases in June because of ongoing geopolitical tensions across the globe. Tax Connect Advisory Services LLP Partner Vivek Jalan said with an approx 10 per cent growth in domestic GST revenue and 73 per cent growth in import GST revenues, it is very clear that this month's growth in GST revenue is import driven rather than domestic consumption driven. "This coupled with the fact that exports refunds are not growing correspondingly, reflect the fact that import growth far exceeds export growth," Jalan added.
