Bhoomika Singh
According to the information provided by the Ministry of finance, gross GST revenue collected in the month of July 2022 is Rs 1,48,995 crores. Out of which, Rs 25,751 crore is Central Goods and Services Tax (CGST), Rs 32,807 crore is State Goods and Service Tax (SGST), Rs 79,518 is Integrated Goods and Services Tax (IGST) crore and Rs 10,920 crore is cess. This is the second highest revenue since the introduction of GST.
The government has settled Rs 32,365 crores to CGST and 26,774 crores to SGST from IGST. The total revenue of the Centre and the States in the month of July 2022 after the regular settlement is Rs 58,116 crores for CGST and Rs 59,581 crores 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 were 48 per cent higher and the revenues from the domestic transaction 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.
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Better reporting coupled with economic recovery has been having a 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.
