GST collections in July at Rs 1.49 lakh crore, 28% higher YoY

GST collections in July rose to approximately Rs 1.49 lakh crore, the second highest revenue collected in a month so far, the Finance Ministry said on Monday.

The Goods and Services Tax (GST) revenues for the month of July came at Rs 1,48,995 crore, which is 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 was 48 per cent higher and the revenues from domestic transaction (including import of services) are 22 per cent higher than the revenues from these sources during the same month last year, the ministry added.

Of the total collections , CGST stood at Rs 25,751 crore, SGST at Rs 32,807 crore, IGST at Rs 79,518 crore (including Rs 41,420 crore collected on import of goods) and cess collected was Rs 10,920 crore (including Rs 995 crore collected on import of goods).

Further, the ministry also stated that it has settled Rs 32,365 crore to CGST and Rs 26,774 crore to SGST from IGST. The total revenue of Centre and the states in the month of July 2022 after regular settlement is Rs 58,116 crore for CGST and Rs 59,581 crore for the SGST, respectively.

Notably, 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, the government stated.

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 positive impact on the GST revenues on a consistent basis, Finance Ministry added.

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.

In the recent GST Council meeting held in Chandigarh, several states have sought an extension of the compensation at least for a few years, if not for 5 years. Any formal decision on it is yet to be taken.