New Delhi: The GST collections for July remained above Rs 1.4 lakh crore for the fifth consecutive month. The Gross GST Revenue for the month of July 2022 stood at Rs 1,48,995 crore, which is the second highest ever collection since the introduction of Goods and Service Tax. According to the data released by the government on Monday, the revenue figure for July is 28 percent higher than the revenue of Rs 1,16,393 crore in the same month last year.
👉 GST Revenue collection for July 2022 second highest ever at ₹1,48,995 crore
👉 For five months in a row now, the monthly GST revenues more than ₹1.4 lakh core, showing a steady increase every month
Read more ➡️ https://t.co/oSU921VpYw
(1/2) pic.twitter.com/88O5t2l3Q1
Also Read :- Indian rupee drops all-time low for the 4th consecutive sessions, the price of rupee reached near 80 against the dollar
— Ministry of Finance (@FinMinIndia) August 1, 2022
Out of the GST collection of Rs 1,48,995 crore in July, 2022, CGST is Rs 25,751 crore, SGST Rs 32,807 crore, IGST collection of Rs 79,618 crore has been collected from the import of goods of Rs 41,420 crore. And the share of cess collection has been Rs 10,920 crore. This is the second highest figure of GST collection after the implementation of GST on 1st July 2017. During the month, the revenue from imports of goods was 48 per cent higher and the revenue from domestic transactions (including import of services) was 22 per cent higher than the revenue from these sources during the corresponding month of the previous year. And this is the fifth consecutive month that the GST collection has been more than Rs 1.4 lakh crore. There is a jump in the GST collection every month.
The GST revenue till July 2022 has increased by 35 per cent over the corresponding period of the previous year, showing a huge jump. This is a clear effect of various measures taken earlier by the Council to ensure better compliance. Improved reporting coupled with economic recovery is having a positive impact on GST revenue on a consistent basis.
The government has collected Rs 32,365 crore CGST and Rs 26,774 crore SGST from IGST. The total revenue of the Center and the states for the month of July 2022 after regular settlement is Rs 58,116 crore for CGST and Rs 59,581 crore for SGST.
The press release said that during the month of June 2022, 7.45 crore e-way bills (E-Way bill system is for GST registered person / enrolled transporter) were collected, which was slightly higher than 7.36 crore in May 2022. At the same time, in April this year, the GST collection touched an all-time high of over Rs 1.68 lakh crore. That, was the first time that the gross GST collection crossed the 1.50 lakh crore mark.
