Rise 28% year-on-year to Rs 1.49 lakh crore
Goods and Services Tax collection for the month of July was recorded at Rs 148,995 crore, which is 28 per cent higher as compared to the same month last year. This is the second highest revenue since the introduction of the GST in 2017.Of the total, CGST was Rs 25,751 crore, SGST was Rs 32,807 crore, IGST was Rs 79,518 crore (including Rs 41,420 crore collected on import of goods) and cess was Rs 10,920 crore (including Rs 995 crore collected on import of goods).
In June 2022, total GST collections were at Rs 1.44 lakh crore. For five months in a row now, the monthly GST revenues have been more than Rs 1.4 lakh crore, showing a steady increase every month. It is important to note that the GST revenue collections crossed the Rs 1.5 lakh crore mark for the first time in the month of April at Rs 1.68 lakh crore.
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 a positive impact on the GST revenues on a consistent basis.
Last month, the five-year of the GST regime was completed. The government through the GST taxation system intended to bring in uniform taxes across the country, besides transparency, accountability, and a simpler registration process.