GST collection in July second highest ever

New Delhi, Aug 1 (SocialNews.XYZ) GST collection in July stood at Rs Rs 1,48,995 crore, second highest since introduction of GST. The collection for July is 28 per cent higher than the GST revenues recorded in the same month last year of Rs 1,16,393 crore.

"Of the tolal GST collection, Central GST is Rs 25,751 crore, State GST is Rs 32,807 crore, Integrated GST is Rs 79,518 crore and cess is Rs 10,920 crore," the Finance Ministry said in a statement.

For five months in a row now, the monthly GST revenues have been more than Rs 1.4 lakh crore

"During the month, revenues from import of goods was 48% higher and the revenues from domestic transaction (including import of services) are 22% higher than the revenues from these sources during the same month last year," the ministry said.

The government has settled Rs 32,365 crore to Central GST and Rs 26,774 crore to State GST from Integrated GST. The total revenue of Centre and the states in July after regular settlement is Rs 58,116 crore for CGST and Rs 59,581 crore for the SGST.

"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 statement added.

Source: IANS