GST Records 1.48 Lakh Crore Second highest Revenue Collection of July 2022

The gross GST revenue collected in the month of July 2022 is Rs.1,48,995 crore of which CGST is Rs.25,751 crore, SGST is Rs.32,807 crore, IGST 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).

This is second highest revenue since introduction of GST.

The government has paid 26,774 crores in SGST and 32,365 crores in CGST from IGST. Following regular settlement, the combined income of the Centre and the States in the month of July 2022 is 58,116 crores for the CGST and 59,581 crores for the SGST.

The revenue for July 2022 is up 28% from the 1,16,393 crore that the GST collection for the same month in the previous year was. When compared to the same month last year, the income from domestic transactions, which includes the import of services, was up 22% and the income from imported commodities was up 48% during the month.

The monthly GST collections have exceeded 1.4 lakh core for the last five months in a row, exhibiting a consistent rise each month. The increase in GST revenue from January to July 2022 over the same period in the previous year is 35%, showing a very strong buoyancy. This is an obvious result of the numerous actions the Council has taken in the past to achieve greater compliance. The economic rebound and improved reporting have consistently had a favourable influence on GST revenues. The number of e-way invoices created in June 2022 was 7.45 crore, little up from 7.36 crore in May 2022.

The chart below shows trends in monthly gross GST revenues during the current year.