July GST revenue up 28% at Rs 1.49 lakh-crore; second highest ever
Measures taken by GST Council to accelerate compliance, better reporting, economic recovery behind steady growth in revenue growth, says Finance Ministry
GST collections rose 28 per cent to Rs 1.49 lakh crore on an annual basis in July on the back of economic recovery and measures taken to curb tax evasion, the Centre said on Monday, August 1.
In July, 2021, Goods and Services Tax (GST) collections stood at Rs 1,16,393 crore.
The number for last month was the second highest since the introduction of GST, in July 2017, the Finance Ministry said in a statement. The collections hit a record high of Rs 1.68 lakh-crore in April, 2022.
“The gross GST revenue collected in the month of July 2022 is Rs 1,48,995 crore, of which 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),” said the statement.
👉 GST Revenue collection for July 2022 second highest ever at ₹1,48,995 crore
👉 For five months in a row now, the monthly GST revenues more than ₹1.4 lakh core, showing a steady increase every month
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— Ministry of Finance (@FinMinIndia) August 1, 2022
During July 2022, revenues from import of goods were 48 per cent higher and the revenues from domestic transactions (including import of services) were 22 per cent higher than the revenues from these sources during the same month last year, said the Finance Ministry.
Steady increase month-on-month
The Ministry further noted that 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 (GST) Council in the past to ensure better compliance,” said the statement. “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.”