GST collection in July rises to Rs 1.49 lakh crore, second highest ever

Goods and Services Tax (GST) collection in July 2022 rose to 28 per cent to touch the second-highest level of Rs 1.49 lakh crore, the government said on Monday.

Last year in the same month, GST collection stood at Rs 1,16,393 crore. It touched a record high of Rs 1.68 lakh crore in April, 2022.

This is the sixth time that the monthly GST collection crossed the Rs 1.40-lakh-crore mark since the inception of GST in 2017 and fifth month at a stretch since March 2022, the ministry said in a statement.

During July, revenues from import of goods were 48 per cent higher and the revenues from domestic transactions (including import of services) were 22 per cent higher than the revenues from these sources during the same month last year.

GST collection in July 2022

Of the Rs 1,48,995 crore GST collected in July, Central GST is Rs 25,751 crore, State GST is Rs 32,807 crore, Integrated GST is Rs 79,518 crore (including Rs 41,420 crore collected on import of goods) and cess is Rs 10,920 crore (including Rs 995 crore collected on import of goods).

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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, it said.

During June 2022, 7.45 crore e-way bills were generated, which was marginally higher than 7.36 crore in May 2022.

The growth in GST revenue till July 2022, over the same period last year, is 35 per cent and displays a very high buoyancy, according to the statement.

(With inputs from PTI)