July GST collection second highest ever at Rs 1,48,995 crore

Revenues from imports of goods were 48 per cent higher and the revenues from domestic transaction (including import of services) were 22 per cent higher than the revenues from these sources during the same month last year. The revenues for the month are 28 per cent higher than the GST revenues in the same month last year.

New Delhi: After touching record Rs 1.68 lakh crore in April 2022, the Goods and Service Tax collections in the month of July are Rs 1,48,995 crore, the second highest ever revenue since introduction of GST. The revenues for the month are 28 per cent higher than the GST revenues in the same month last year of Rs 1,16,393 crore.

During the month, revenues from imports of goods were 48 per cent higher and the revenues from domestic transaction (including import of services) were 22 per cent higher than the revenues from these sources during the same month last year.

Of the total 1.48 lakh crore 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 Rs 10,920 crore (including Rs 995 crore collected on import of goods).

“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 very high buoyancy," the Ministry of Finance 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 a 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 ministry added.

Meanwhile, the 47th GST Council Meet, headed by Union Minister for Finance and Corporate Affairs Nirmala Sitharaman, decided on levying a 5 per cent GST on a number of items like pre-packed food, labelled food items like Atta, paneer and curd.

The changes and new GST rates kicked in from July 18. From daily essential items like milk, rice, curd to even the fee for cheques issued by banks will now be under the purview of GST.

 

 

- Times now