GST revenue collection for July second highest ever and 28% higher than the revenues in the identical month of a former year.
The total GST revenue collected for the month of July 2022 would be Rs 1,48,995 crore where Rs 25,751 crore CGST, Rs 32,807 crore SGST, Rs 79,518 cr IGST (including Rs 41,420 crore collected on import of goods) and Rs 10,920 cr cess (including Rs 995 crore collected on import of goods). The same would be the second highest revenue since the GST initiation.
The government has paid Rs 32,365 cr to CGST and to SGST Rs 26,774 cr from IGST. The total GST revenue of the centre in the month of July 2022 post regular settlement is Rs 58,116 cr for CGST, while for the states for the same duration the revenue is Rs 59,581 cr for SGST.
There is a 28% rise in the GST revenue for the month of July 2022 as compared to the same month last year which stands at Rs 1,16,393 crore. In this month the revenues via goods import were 48% more as compared to the revenue from the domestic transaction (along with the service import) would be 22% more compared to the revenues via these sources in the identical month former year.
For the straight 5 months, the monthly GST revenue would exceed Rs 1.4 lakh cr, specifying a continuous rise every month. The rise in the GST revenue till July 2022 in the identical duration former year would be 35% revealing a higher difference. It is because of several measures opted by the officials formerly to ensure effective compliance. GST revenue is effective and is consistent due to good reporting associated with the economic recovery. In the month of June 2022, nearly 7.45 cr e-way bills were being generated which was marginally more than 7.36 cr in the month of May 2022.
The below chart mentioned the trends for the monthly gross GST revenues in the current year. It is a state-wise number of GST obtained by each state in the month of July 2022 with respect to July 2021.
