India’s July GST collection rises to Rs.1.49 lakh crore

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New Delhi : India’s gross GST revenue collection further increased to Rs.1.49 lakh crore from Rs.1.45 lakh crore in June,2022. The revenues for the month of July 2022 are 28% higher than the GST revenues in the same month last year of Rs. 1,16,393 crore. During the month, revenues from import of goods was 48% higher and the revenues from domestic transaction (including import of services) are 22% higher than the revenues from these sources during the same month last year.

Out of the 1,48,995 crore total  GST collection in July, CGST is Rs.  25,751 crore, SGST is Rs.  32,807 crore, IGST is Rs. 79,518 crore (including Rs.  41,420 crore collected on import of goods) and cess is ₹ 10,920 crore (including Rs.  995 crore collected on import of goods). This is second highest revenue since introduction of GST.

The government has settled ₹ 32,365 crore to CGST and Rs. 26,774 crore to SGST from IGST. The total revenue of Centre and the States in the month of July 2022 after regular settlement is ₹ 58,116 crore for CGST and ₹ 59,581 crore for the SGST.

For five months in a row now, the monthly GST revenues have been more than Rs. 1.4 lakh core, showing a steady increase every month. The growth in GST revenue till July 2022 over the same period last year is 35% and displays a very high buoyancy. This is a clear impact of various measures taken by the Council in the past to ensure better compliance. Better reporting coupled with economic recovery has been having positive impact on the GST revenues on a consistent basis. During the month of June 2022, 7.45 crore e-way bills were generated, which was marginally higher than 7.36 crore in May 2022.

 

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