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The total GST collection increased by 15.4% in July, reaching over 2.11 trillion rupees. The growth is attributed to increased revenue from domestic operations and imports. Net collection amounted to more than 1.81 trillion rupees.

In July 2025, the total GST collection reached 1.83 trillion rupees, compared to approximately 1.95 trillion rupees in the previous month.

Collection Details

Revenue from Central Goods and Services Tax (CGST) for the reporting month was 39,835 crore rupees. As for State GST (SGST) and Integrated GST (IGST) collection, they reached 47,881 crore rupees and over 1.23 trillion rupees, respectively.

Furthermore, the total amount of refunds in July increased by 13.1%, amounting to 29,968 crore rupees. After accounting for these refunds, the net GST revenue exceeded 1.81 trillion rupees.

HDFC Bank, India's largest private lender, has increased the interest rate on its dollar deposits for non-residents (FCNR(B)) for terms ranging from three to five years. The increase was 25 basis points (bps), raising the rate from 6% to 6.25%, and it became effective on August 1.

This move by banks is being made amid competition to attract non-resident funds before the preferential swap window of the Reserve Bank of India (RBI) closes.

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As the two-month special RBI swap period approaches its end, the most active attraction of FCNR(B) deposits is expected. Among major private banks, ICICI Bank and Axis Bank continue to offer a rate of 6% on dollar FCNR(B) deposits for terms of three to five years. Additionally, State Bank of India (SBI) offers 6% on five-year FCNR(B) deposits exceeding $1 million.

Some smaller lenders have also begun offering higher yields. For instance, AU Small Finance Bank raised the maximum interest rate on FCNR(B) deposits to 7.4% from the previous 7.1% for terms of three to four years. This bank also increased the maximum rate on Non-Resident External (NRE) fixed deposits to 7.6% from 7% for terms of 36 months and from one day to 45 months.

These actions are taking place against the backdrop of strong fund attraction under the RBI's preferential swap facility. The central bank reported that as of July 31, banks had attracted nearly $41 billion in foreign currency inflows through new FCNR(B) deposits, External Commercial Borrowings (OFCBs), and External Commercial Loans (ECBs).

FCNR(B) deposits constituted the majority of these inflows—$36.7 billion, while $2.57 billion was attracted through OFCBs, and $1.5 billion through ECBs. This latest inflow already exceeds almost $34 billion collected under the RBI's special FCNR(B) deposit scheme in 2013. Overall, the inflows under the current preferential swap window significantly surpassed the figures of 2013 in less than two months after the program began.

Banks are expected to continue increasing rates on FCNR(B) deposits in the coming weeks as they compete for a larger share of non-resident deposits before the preferential swap window closes at the end of September.