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Over Rs Rs 1,48,995 crore gross GST revenue collected in July 2022

Over 1,48,995 crore rupees gross GST revenue has been collected in July 2022. Finance Ministry said, GST Revenue collection for July is second highest ever and 28 per cent higher than the revenues in the same month last year. CGST is 25 thousand 751 crore rupees, SGST is 32 thousand 807 crore rupees and IGST is 79 thousand 518 crore rupees including 41 thousand 420 crore rupees collected on import of goods. Cess is 10 thousand 920 crore rupees including 995 crore rupees collected on import of goods. This is second highest revenue since introduction of GST.

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

The revenues for the month of July 2022 are 28 per cent higher than the GST revenues in the same month last year of one lakh 16 thousand 393 crore rupees. During the month, revenues from import of goods was 48 per cent higher and the revenues from domestic transaction including import of services are 22 per cent higher than the revenues from these sources during the same month last year.

Finance Ministry said, for five months in a row now, the monthly GST revenues have been more than 1.4 lakh crore rupees, 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. It said, 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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