RBI Grade BNABARD ESISEBI
Key Highlights
“RBI MPC Unpacked: Key Theory Meets Today’s Macro Trends”Tap to play · from the C4S channel
- GST collections rose by 9.9% YoY to ₹1,96,141 crore in March 2025 – the second-highest monthly collection ever.
- Imports saw a sharp increase, with GST from imports rising 13% YoY to nearly ₹47,000 crore.
- Domestic GST collections grew by 8.8% to just under ₹1.5 lakh crore.
Annual Trends & Insights
- FY 2024-25 average monthly GST collections: ₹1.84 lakh crore, up from ₹1.68 lakh crore in FY 2023-24.
- Total GST collections for the year: ₹22 lakh crore, marking a 9.5% YoY growth—the slowest since post-pandemic recovery.
- 41% rise in refunds, with a massive 202% increase in import-related refunds and 25.7% rise in export refunds, indicating manufacturing sector strength.
State-Wise Growth
- Top GST growth performers:
- Haryana: +16%
- Delhi: +15.9%
- Maharashtra: +12.4%
- Bihar: +12.1%
- Declining collections:
- Arunachal Pradesh: -8%
- Nagaland: -4%
Impact & Future Outlook
- Stronger GST audits & scrutiny expected to prevent revenue leakages.
- Consumption slowdown concerns persist, prompting increased government monitoring.
- Higher import GST points to rising import dependency, raising questions about domestic production.
- Surging export refunds reflect manufacturing growth, aligning with Make in India initiatives.
The sustained growth in GST revenue highlights India’s resilient economy, but slowing consumption and rising imports may prompt policy adjustments and tax enforcement measures in the coming months.
TOI
