GST Collections Surge 15.4% To ₹2.11 Lakh Crore In July, Fastest Growth In 14 Months

Gross Goods and Services Tax (GST) collections witnessed strong growth in July, rising 15.4% year-on-year to ₹2.11 lakh crore. The increase marked the highest growth rate in 14 months and represented only the second time this financial year that monthly GST collections crossed the ₹2 lakh crore mark.

The rise was supported mainly by a sharp increase in GST collections from imports, which climbed 28.8% to ₹66,511 crore during the month. Domestic GST revenue also recorded healthy growth, increasing 10.1% to ₹1.45 lakh crore, indicating continued momentum in economic activity and consumer demand.

July’s performance followed a strong recovery in June, when GST revenues grew 13.9% to ₹1.95 lakh crore. The July growth rate was the highest since May 2025, when collections had increased 16.4% compared with the previous year.

GST collections had crossed the ₹2 lakh crore level for the first time in the current financial year in April, reaching a record ₹2.43 lakh crore. The surge in April was supported by year-end business transactions and annual return filings. Collections later moderated to ₹1.94 lakh crore in May before rising again to ₹1.95 lakh crore in June.

After adjusting for refunds, net GST collections in July stood at ₹1.81 lakh crore, registering a 15.8% increase compared with the same period last year. Refunds issued during the month rose 13.1% to ₹29,968 crore.

The increase in net customs GST revenue was particularly notable, rising 30.3%, reflecting stronger tax collections from imported goods.

On a cumulative basis, gross GST collections during the April-July period of financial year 2026-27 increased 10.1% to ₹8.43 lakh crore compared with ₹7.66 lakh crore during the same period last year.

Net GST revenue during the first four months of the financial year also recorded growth, rising 9.2% to ₹7.21 lakh crore.

The latest figures indicate sustained strength in tax collections, supported by domestic consumption trends and higher import activity. The continued rise in GST revenues is expected to provide further support to government finances while reflecting the broader pace of economic activity.