Daijiworld Media Network - New Delhi
New Delhi, Aug 1: India's Goods and Services Tax (GST) collections continued their strong growth in July, rising 15.4 per cent year-on-year to Rs 2.11 lakh crore, according to government data released on Saturday.
The gross GST revenue for July included Rs 39,835 crore from Central GST (CGST), Rs 47,881 crore from State GST (SGST), with the remaining collections comprising Integrated GST (IGST), cess and other components.
In a separate development, the Reserve Bank of India (RBI) has revised rules governing fixed deposits (FDs), with the new norms set to come into effect from October 1, 2026.
The revised guidelines, issued under the Reserve Bank of India (Commercial Banks – Interest Rate on Deposits) Second Amendment Directions, 2026, require banks to maintain uniform deposit interest rates across all branches for deposits of the same amount accepted on the same day.
"The interest rates offered on deposits, including bulk deposits, shall be uniform across all branches and for all customers and there shall be no discrimination in the matter of interest paid on the deposits, between one deposit and another deposit of similar amount, accepted on the same date, at any of its offices," the RBI said.
The new norms are aimed at ensuring greater transparency and preventing differential treatment of customers for similar deposits.
Meanwhile, the Centre defended its ethanol blending programme amid concerns over reduced fuel efficiency and the suitability of E20 petrol for older vehicles.
The government said that without ethanol blending, petrol prices could have surged to around Rs 125 per litre during the recent West Asia crisis, when global crude oil prices reportedly climbed to nearly USD 135 per barrel.
It said consumers instead paid around Rs 94.77 per litre because 20 per cent of every litre of petrol comprised domestically produced ethanol procured at stable, pre-agreed prices that were insulated from fluctuations in international crude oil markets.
According to the government, the ethanol blending programme has not only reduced India's dependence on imported crude oil but also helped shield consumers from steep fuel price increases.
"The result? Nearly Rs 30 per litre in savings at the pump during the peak of the crisis," the government said, adding that the policy has contributed significantly to energy security while supporting domestic ethanol production.