For the fifth straight month, the gross GST revenue has seen an increase in its collection as compared to the same time last year. In the month of July 2022, the government collected Rs 1,48,995 crore, of which 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). This is the second highest revenue since the introduction of GST, according to the Ministry of Finance.
«The government has settled Rs 32,365 crore with CGST and Rs 26,774 crore with SGST from IGST. The total revenue of the 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 SGST,» press release of the Ministry of Finance stated.
The revenues for the month of July 2022 are 28% higher than the GST revenues for the same month last year of Rs 1,16,393 crore. During the month, revenues from the import of goods were 48% higher and the revenues from domestic transactions (including the import of services) were 22% 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% and displays very high buoyancy. 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 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 the Rs 7.36 crore in May 2022.