New Delhi: The Goods and Services Tax (GST) collection of the Government has risen to ₹1,48,995 crore during the month of July, which is the second-highest monthly collections since the launch of the GST regime. This is also the highest collection in three months.
July’s GST collection is 28% higher than the same month last year. A huge 48% surge in revenues from import of goods and 22% more collection of revenue from domestic transactions as compared to the same consecutive period last year mainly contributed to the increase of the GST collection.
The gross GST revenue collected in the month of July 2022 is ₹1,48,995 crore of which CGST is ₹ 25,751 crore, SGST is ₹ 32,807 crore, IGST is ₹ 79,518 crore (including ₹ 41,420 crore collected on import of goods) and cess is ₹ 10,920 crore (including ₹ 995 crore collected on import of goods).
The government has settled ₹ 32,365 crore to CGST and ₹ 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.
The revenues for the month of July 2022 are 28% higher than the GST revenues in the same month last year of ₹ 1,16,393 crore.
For five months in a row now, the monthly GST revenues have been more than ₹ 1.40 lakh crore, showing a steady rise 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.
The Finance Ministry said better reporting coupled with economic recovery have had a consistently positive impact on GST revenues, which are now 35% higher during the April to July period than a year ago. These revenues display a ‘very high buoyancy’ and are ‘a clear impact’ of various measures taken by the GST Council to ensure better compliance, it noted.