In New Delhi: The gross Goods and Services Tax (GST) collection for the month of July 2022 increased 28% year over year to Rs 1,48,995 crore on the back of better compliance and economic recovery.
According to a statement from the Finance Ministry on Monday, "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).
The revenue from imports of products was 48 percent higher in July of this year than it was in the same month last year, while the revenue from domestic transactions, which includes the import of services, was up 22%.
"The monthly GST collections have above Rs 1.4 lakh core for the last five months in a row, exhibiting a consistent rise each month. The increase in GST revenue from January to July 2022 over the same period in 2017 is 35%, showing a very significant buoyancy "declared the finance ministry. The Ministry credited the GST's strength to many steps the GST Council has previously made to promote better compliance and economic growth.
"The economic rebound and improved reporting have consistently had a favourable influence on GST revenues. The number of e-way bills generated in June 2022 was 7.45 crore, somewhat more than the 7.36 crore generated in May 2022 "It said.
In July, the government paid CGST and SGST a total of Rs. 32,365 crore and Rs. 26,774 crore, respectively. After normal settlement, the Center and the States earned a combined sum of Rs 58,116 crore for the CGST and Rs 59,581 crore for the SGST in the month of July 2022.
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