July's ₹2.11 lakh crore GST collection, growing 15.4%, masks India's uneven economic recovery. Import IGST growth (26.9%) significantly outpaced domestic revenues (4.5%), largely driven by rupee depreciation, global commodity inflation, and higher capital goods imports, rather than robust domestic production. This indicates a trade-led tax buoyancy. Manufacturing and services growth are concentrated, leaving many states reliant on central transfers. The author argues healthy GST should reflect broad-based domestic production and consumption, not just import taxation and local inflation, warning that current trends undermine 'Make in India' claims.