GST mop-up jumps 28% to Rs 1.49 lakh cr

GST mop-up jumps 28% to Rs 1.49 lakh cr

Photo for representation. File photo

PTI

New Delhi, August 1

GST collection rose 28% to touch the second-highest level of Rs 1.49 lakh crore in July on the back of economic recovery and steps taken to curb tax evasion, the government said on Monday. Goods and Services Tax (GST) collection stood at Rs 1,16,393 crore in the same month a year ago.

Second highest-ever collection

  • This is the sixth time that the monthly GST collection has crossed the Rs 1.40-lakh-crore mark since the inception of GST and fifth month at a stretch since March 2022
  • Revenue from import of goods was 48% higher and the revenue from domestic transactions was 22% higher than the revenue from these sources during the same month last year
  • GST touched a record high of Rs 1.68 lakh crore in April

GST, introduced in July 2017, 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 and fifth month at a stretch since March 2022, the ministry said in a statement.

During July, revenue from import of goods was 48% higher and the revenue from domestic transactions (including import of services) was 22% higher than the revenue from these sources during the same month last year.

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).

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% and displays a very high buoyancy, according to the statement.

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