GST collections for July remained above ₹1.4 lakh crore for the fifth straight month. Gross GST revenue collected in the month of July 2022 at ₹1,48,995 crore, which was the second highest collection ever since the introduction of the Goods and Services Tax. The July revenue figure is 28% higher than the revenues in the same month last year of ₹1,16,393 crore, as per the data by the government released on Monday.
Out of the total figure, 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 is ₹10,920 crore (including ₹995 crore collected on import of goods).
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.
“For five months in a row now, the monthly GST revenues have been more than ₹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% 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,” the Ministry of Finance said.
