GST collections grew 7.5% YoY in July to Rs 1.96 lakh crore, despite slower domestic revenue and global trade tensions.

• Refunds on domestic supplies rose, helping ease cash flow pressure amid maturing GST systems and inverted duty adjustments.
• July’s GST growth recovered from June’s 6.1%, though still below Q1 FY26’s Rs 2.1 lakh crore monthly average.
• Trump’s tariffs may lower India’s GDP growth by 0.3 points; India’s 25% levy remains among Asia’s highest.