July GST revenue collection second highest ever at Rs 1.49 lakh crore

The GST revenue collection remained above Rs 1.4 lakh crore for the fifth month in a row, indicating a steady rise, the data released by the government on Monday showed.

The GST revenue for July stood at Rs 1,48,995 crore, 28 percent higher than the Rs 1,16,393 crore collected during the same month last year, and is the second highest collection ever since the implementation of the Goods and Services Tax.

GST collection had touched an all-time high of over Rs 1.60 lakh crore in April, when the amount crossed Rs 1.50 lakh crore-mark for the first time.

Out of Rs 1.48 lakh crore collected in July, CGST collection stood at Rs 25,751 crore, SGST stood at Rs 32,807 crore, IGST stood at Rs 79,518 crore, including Rs 41,420 crore collected on imports of goods and cess stood at Rs 10,920 crore including Rs 995 crore collected on import of goods.

Source: Ministry of Finance

"The growth in GST revenue till July 2022 over the same period last year is 35% and displays a 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 positive impact on the GST revenues on a consistent basis," said the Ministry of Finance in a statement.

While revenues from import of goods were 48 percent higher than during the same month last year, the revenues from domestic transaction (including import of services) were 22 percent higher than those reported last year.

7.45 crore e-way bills were generated last month, marginally higher than 7.36 crore in May 2022.

"The government 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," the ministry said.