Goods and Services Tax. (Representational Image)
New Delhi: India’s gross goods and services tax (GST) collection in July recorded a 10.3 per cent rise to over Rs 1.82 lakh crore. It was Rs 1.74 lakh crore in the previous month. Also, manufacturing expanded at a solid pace in July on robust demand, two separate data showed on Thursday.
The pace of GST growth climbed back above double digits, after it fell below 10 percent for the first time post-pandemic in June. The GST mop-up in April was a high of Rs 2.1 lakh crore. The rise in GST collections is credited to the robust economic activity and improved tax compliance.
Total refunds stood at Rs 16,283 crore in July and net GST collection was Rs 1.66 lakh crore, showing a growth of 14.4 per cent. “The gross revenues from domestic activities grew 8.9 per cent to Rs 1.34 lakh cr in July and the GST revenue from imports jumped 14.2 per cent to Rs 48,039 cr,” the data said.
Meanwhile, India’s manufacturing activity expan-ded at a solid pace in July due to robust demand. Cost pressures were high as prices charged to clients rose at the steepest rate in over a decade, a monthly private survey showed Thursday.
Meanwhile, India’s manufacturing activity expan-ded at a solid pace in July due to robust demand. Cost pressures were high as prices charged to clients rose at the steepest rate in over a decade, a monthly private survey showed Thursday.
As per the survey, the seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) moderated slightly from 58.3 in June to 58.1 in July. A print above 50 means expansion, while a score below 50 denotes contraction.
“India’s headline manufacturing PMI showed a marginal slowdown in Jul. With most components remaining at robust levels, the small drop is no cause for concern,” said Pranjul Bhandari, chief India economist at HSBC.
“The overall rate of expansion was marked and the second-strongest in over 13 years. Indian manufacturers, however, reported paying more for coal, leather, packaging, paper, rubber and steel,” the survey said.
Indian manufacturers saw an increase in international sales as demand from Asia, Europe, North America and the Middle East increased in July.
“The continuous incre-ase in the output price index, driven by input and labour cost pressure, may signal further inflationary pressure in the economy,” Bhandari further noted.
( Source : Deccan Chronicle )
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