Business: GST collection in July surges 28 per cent to Rs 1.49 L cr
During July this year, revenue from import of goods was 48% higher while revenue from domestic transactions (including import of services) was 22 per cent higher than the revenues from these sources during the same month last year. Full story on Dynamite News:
New Delhi: On the back of higher compliance and economic recovery, the gross Goods and Services Tax (GST) collection in the month of July 2022 rose 28 per cent year-on-year to Rs 1,48,995 crore.
"The gross GST revenue collected in the month of July 2022 is Rs 1,48,995 crore of which 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 Rs 10,920 crore (including Rs 995 crore collected on import of goods)," an official release from Finance Ministry said on Monday.
During July this year, revenue from import of goods was 48% higher while revenue from domestic transactions (including import of services) was 22 per cent higher than the revenues from these sources during the same month last year.
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"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 per cent and displays a very high buoyancy," Finance Ministry said.
The Ministry attributed the GST buoyancy to various measures taken by the GST Council in the past to ensure better compliance and economic recovery.
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"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," it said.
The government settled Rs 32,365 crore to CGST and Rs 26,774 crore to SGST from IGST during July. The total revenue of Centre and the States in the month of July 2022 after regular settlement was Rs 58,116 crore for CGST and Rs 59,581 crore for the SGST. (with UNI inputs)