Blitz India Business
Two Legs, Two Very Different Speeds
Gross GST for July 2026 came to ₹2,11,205 crore against ₹1,83,065 crore a year earlier, up 15.4 per cent. Domestic collections rose 10.1 per cent to ₹1,44,695 crore. IGST on imports rose 28.8 per cent to ₹66,511 crore. The import leg is growing at nearly three times the domestic rate.
GST : Year to Date, a Steadier Picture
Gross GST for April to July of 2026-27 stands at ₹8,42,905 crore against ₹7,65,607 crore in the same months of 2025-26 — a rise of 10.1 per cent, recomputed. Total net GST revenue for the four months is ₹7,21,457 crore, up 9.2 per cent.
States : Where July’s Collections Grew Fastest
On domestic collections for July 2026, Haryana rose 25 per cent to ₹11,892 crore, Gujarat 19 per cent to ₹12,923 crore and Telangana 19 per cent to ₹5,819 crore. Maharashtra, the largest at ₹32,210 crore, grew 13 per cent. Tamil Nadu was flat at ₹10,414 crore.
Union Finances : Capital Spending Grew, Its Share Fell
Capital expenditure in 2024-25 was ₹8,58,256 crore, up 6.33 per cent on the year. As a share of GDP it slipped from 2.78 to 2.70 per cent. Transport and defence services have driven capex for five years, the CAG records in Report No. 6 of 2026.
Debt : What the Consolidated Fund Pays For
Repayment of debt was the single biggest draw on the Consolidated Fund of India in 2024-25, at 62.57 per cent of total outgo. Interest payments alone made up 29.20 per cent of revenue expenditure. Internal debt closed the year at ₹1,59,25,949 crore.
Devolution : The Cess Share Has Been Falling
Collections from cess and surcharge were ₹5,29,357 crore in 2024-25, up 8.40 per cent, and made up 13.94 per cent of gross tax revenue. That share has fallen every year for five years, from 20.23 per cent in 2020-21 — a quietly significant number for any state finance department.
Budget Execution : Nearly ₹5 Lakh Crore Went Unspent
Parliament approved appropriations of ₹1,47,54,642.48 crore for 2024-25; the government spent ₹1,42,63,339.67 crore, leaving savings of ₹4,91,302.81 crore. Recomputed, that is 3.33 per cent of the approved total. Nineteen grants recorded savings of ₹5,000 crore or more; seven of them for a third year running.
Non-Tax Revenue : The Central Bank Did the Lifting
Non-tax revenue grew 21.38 per cent in 2024-25, lifting its share of gross revenue receipts from 17.83 to 19.39 per cent. The CAG attributes the rise mainly to an 80.49 per cent increase in dividends and profits, itself driven largely by surplus transferred by the Reserve Bank of India.
Customs : Eleven Recommendations for the CBIC
The CAG’s performance audit of the Project Imports Scheme, Report No. 27 of 2026, presented on 12 August, carries 36 observations and 11 recommendations, a revenue implication of ₹128.58 crore and procedural irregularities involving ₹2,979.33 crore. Clearance delays in the sample ranged from three days to 1,149.
Capital Flows : A Nine-Day Itinerary Worth Watching
Finance Minister Nirmala Sitharaman’s 25 August to 2 September visit takes in Toronto, Chicago, Asheville and New York, including the G20 finance track on 31 August and 1 September. The India–Canada Joint Leaders’ Statement of 2 March 2026 sets a trade target of CAD 70 billion, or ₹4.65 lakh crore, by 2030.