GST Revenue collection for July second highest since inception at Rs 1.49 lakh crore

Team News Riveting

New Delhi, August 1

The gross GST revenue collected in the month of July 2022 is Rs 1,48,995 crore, which is second highest revenue since introduction of new tax system.

Of the revenue collected, 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 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.

The revenues for the month of July 2022 are 28 per cent higher than the GST revenues in the same month last year of Rs 1,16,393 crore. 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. During the month of June 2022, 7.45 crore e-way bills were generated, which was marginally higher than 7.36 crore in May 2022.

The chart below shows trends in monthly gross GST revenues during the current year. The table shows the state-wise figures of GST collected in each State during the month of July 2022 as compared to July 2021.

State-wise growth of GST Revenues during July 2022^[1]