The Business Bytes
TBB BUREAU
NEW DELHI, AUGUST 1, 2022
The gross goods and service tax (GST) revenue collected in the month of July 2022 stood at Rs 1,48,995 crore, registering a growth of 28 per cent year-on-year (Y-o-Y). It is also the second highest ever collection since the introduction of GST in 2017, the Finance Ministry said in a press release on Monday.
Out of the total figure, 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 ₹995 crore collected on import of goods).
During the month, revenues from import of goods was 48 per cent higher and the revenues from domestic transaction (including import of services) are 22 per cent 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 Rs 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 per cent 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.
The government has settled Rs 32,365 crore to CGST and Rs 26,774 crore to SGST from IGST. The total revenue of Centre and the States in the month of July 2022 after regular settlement is Rs 58,116 crore for CGST and Rs 59,581 crore for the SGST, Rs 32,365 crore to CGST and Rs 26,774 crore to SGST from IGST. The total revenue of Centre and the States in the month of July 2022 after regular settlement is Rs 58,116 crore for CGST and ₹59,581 crore for the SGST.
