GST collection grows by 28% YOY in July ‘22

The monthly Goods and Services Tax (GST) revenues have been above INR 1.4 lakh crore for five consecutive months

August 2, 2022

Central GST (CGST) was INR 25,751 crore

State GST (SGST) was INR 32,807 crore

Integrated (IGST) and Cess stood at INR 79,518 crore and INR 10,920 crore, respectively

By July 2022, GST revenue increased by 35%

The GST collection in July increased by 28% YoY to INR 1.49 lakh crore and has become the second highest revenue collection since the introduction of the scheme, according to a statement from the Ministry of Finance.

Imports in June and revenues from domestic transactions (including import of services) grew by 48% and 22% respectively, compared to the same month last year. 

As per the statement, the monthly GST revenues have been above INR 1.4 lakh crore for five consecutive months, and have shown an increase every month.

In the total GST collections, CGST was INR 25,751 crore, SGST was INR 32,807 crore, and IGST was INR 79,518 crore. Cess stood at INR 10,920 crore.

The Finance Ministry said that by July 2022, GST revenue increased by 35% and added that the collections hit a record high of INR 1.68 lakh crore in April 2022. Economic recovery from the pandemic coupled with measures taken by the council earlier, to ensure better compliance, has brought a positive impact on the GST revenues on a consistent basis. 

A total of 7.45 crore e-way bills were generated in June 2022, which was higher than the 7.36 crore bills generated in May 2022. The government has settled INR 26,774 crore to SGST from IGST, and INR 32,365 crore to CGST.

The total revenue of the Centre and the States in July 2022 after the regular settlement was INR 58,116 crore for CGST and INR 59,581 crore for the SGST.

Most of the economy’s core sectors have shown signs of growth, which is reflected in the improvement of economic indices besides GST collection. 

Experts said that with the recent increase in the rate of GST for critical sectors of mass consumption, and the country’s ongoing economic recovery, the upward trend in GST collections is likely to continue.

The government, on the other hand, has also been taking important steps in the past few months to resolve concerns regarding fake invoicing and fraudulent credit requests. This has also contributed to the GST collections, the statement concluded.

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