July 11, 2022
The bills were up by 1.2% on a month-on-month in June 2022
The Goods and Service Tax (GST) in July is expected to reach INR 1.5 trillion
The budget estimate for GST was about INR 1.2 trillion for the first quarter of FY23
Monthly gross GST collections rose to INR 1.45 trillion in June
E-way bills generated by businesses for inter-state commerce were up by 1.2% month-on-month in June 2022, and by 36.2% on a year-on-year (YoY) basis. This indicates that the Goods and Service Tax (GST) in July will reach INR 1.5 trillion.
June 2022 saw 74.48 million e-way bills, the second-highest amount since 2018 when the system was initiated.
According to senior government officials, GST collections will amount to INR 1.51 trillion compared to the budget estimate of about INR 1.2 trillion for the first quarter of FY23, due to the effective resumption of economic activities. As a result, substantial revenue upsides are expected to be generated for the States.
Monthly gross GST collections amounted to INR 1.45 trillion in June, indicating the better utilisation of trucking capacity.
An increase in consumption has led to a growth in GST revenues. A robust economic recovery would enable the GST collections to be settled at a higher level and demonstrate the tax’s high revenue productivity.