The Business Bytes
TBB BUREAU
NEW DELHI, JULY 1, 2022
The Goods and Services Tax (GST) revenue in June 2022 rose to Rs 1.44 trillion, registering a growth of 56 per cent over the corresponding month last year, Finance Minister Nirmala Sitharaman said on Friday.
The gross GST revenue collected in the month of June 2022 is Rs 144,616 crore of which CGST is Rs 25,306 crore, SGST is Rs 32,406 crore, IGST is Rs 75,887 crore (including Rs 40102 crore collected on import of goods) and cess is Rs 11,018 crore (including Rs 1197 crore collected on import of goods). The gross GST collection in June 2022 is the second highest collection next to the April 2022 collection of Rs 1,67,540 crore.
The government has settled Rs 29,588 crore to CGST and Rs 24,235 crore to SGST from IGST. In addition, Centre has also settled Rs 27,000 crore of IGST on ad-hoc basis in the ratio of 50:50 between Centre and States/UTs in this month. The total revenue of Centre and the States in the month of June 2022 after regular and adhoc settlement is Rs 68,394 crore for CGST and Rs 70,141 crore for the SGST.
The revenues for the month of June 2022 are 56% higher than the GST revenues in the same month last year of Rs 92,800 crore. During the month, revenues from import of goods was 55% higher and the revenues from domestic transaction (including import of services) are 56% higher than the revenues from these sources during the same month last year.
This is the fifth time the monthly GST collection crossed Rs 1.40 lakh crore mark since inception of GST and fourth month at a stretch since March 2022. The collection in June ’2022 is not only be the second highest but also has broken the trend of being low collection month as observed in the past. Total number of e-way bills generated in the month of May 2022 was 7.3 crore, which is 2% less than 7.4 crore e-way bills generated in the month of April 2022.
The average monthly gross GST collection for the first quarter of the FY 2022-23 has been Rs 1.51 lakh crore against the average monthly collection of Rs 1.10 lakh crore in the first quarter of the last Financial year showing an increase of 37%. Coupled with economic recovery, anti-evasion activities, especially action against fake billers have been contributing to the enhanced GST. The gross cess collection in this month is the highest since introduction of GST.
The chart below shows trends in monthly gross GST revenues since 2017-18. The table shows the state-wise figures of GST collected in each State during the month of June 2022 as compared to June 2021.
