July GST revenue at ₹1.48 lakh crores, up 28% YoY and second-highest since launch

According to a press release from the Finance Ministry on Monday, the gross goods and service tax (GST) income collected in July totalled Rs 1,48,995 crore, the second-highest amount ever and a 28% increase over the same period last year.

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The amount of GST revenue collected in July 2022 is the second-highest amount ever and is up 28% from the same month last yearAccording to a press release from the Finance Ministry on Monday, the gross goods and service tax (GST) revenue collected in July totalled Rs 1,48,995 crore, which is the second-highest monthly total since the implementation of GST and an increase of 28% year-on-year.

The total GST revenue collected in July 2022 is ₹1,48,995 crore of which CGST is ₹ 25,751 crore, SGST is ₹ 32,807 crore, IGST is ₹ 79,518 crores (including ₹ 41,420 crores collected on import of goods) and cess is ₹ 10,920 crore (including ₹ 995 crores collected on import of goods).

The government has settled CGST and SGST a total of 32,365 crores and 26,774 crores, respectively, from IGST. After regular settlement, the total revenue for the CGST and SGST for the month of July 2022 is 58,116 crore for the Centre and 59,581 crores for the States.

The revenue for July 2022 is 28% more than the GST revenue of 1,16,393 crore for the same month the previous year. In comparison to the same month last year, the revenue from imports of products was up by 48%, while the revenue from domestic transactions, which includes imports of services, was up by 22%.

June GST collections had risen 56% YoY to Rs 1.44 lakh crores. “During the month, revenues from import of goods were 48% higher and the revenues from the domestic transaction (including import of services) are 22% higher than the revenues from these sources during the same month last year,” the ministry said.

For five consecutive months, monthly GST income has exceeded Rs 1.4 lakh crore. The growth in GST revenue till July 2022 over the same period last year is 35%. “Better reporting coupled with economic recovery has been having a positive impact on the GST revenues on a consistent basis,” the ministry added.