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GST collections reaches a record Rs 1.49 lakh crore in July

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New Delhi: On the economic front, there is positive news for the government. In comparison to the same period last year, the Goods and Services Tax (GST) revenue collection for the month of July increased by 28% to Rs 1.49 lakh crore. In July 2021, the GST collection totaled Rs 1,16,393 billion.

The Finance Ministry reported on Monday that GST revenue collection increased year over year in July 2022, reaching Rs 1,48,995 crore. Revenue from GST collection totaled Rs 1,16,393 crore over the same time period in 2017. This is the second-largest revenue collection since the introduction of the GST, per the data. GST collection has previously brought in Rs 1,67,540 crore in income in April 2022.

According to the data, in the month of July, CGST collection stood at Rs 25,751 crore, SGST Rs 32,807 crore, IGST Rs 79,518 crore and GST compensation cess at Rs 10,920. Earlier in June, CGST stood at Rs 25,306 crore, SGST Rs 32,406 crore, IGST Rs 75,887 crore and Cess Rs 11,018 crore. Similarly, in May, CGST was Rs 25,036 crore, SGST was Rs 32,001 crore, IGST was Rs 73,345 crore and cess was Rs 10,502 crore.

According to the ministry, the GST revenue collection in June, 2022 was Rs 1,44,616 crore, while the GST collection since March 2022 has remained over Rs 1.40 lakh crore. This is the sixth time since the implementation of GST in 2017 and the fifth time in a row since March 2022 that the GST revenue collection has crossed Rs 1.40 lakh crore. According to the Finance Ministry, the GST revenue collection has been showing a steady increase every month.

 

 

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