GST collection jumps 28% YoY in July to second highest ever at Rs. 1.49 trillion (US$ 18.84 billion)
- IBEF
- August 2, 2022
The goods and services tax (GST) collection in July 2022 stood at Rs. 1.49 trillion (US$ 18.84 billion), registering a 28% YoY growth.
High GST collections recorded in the recent past is a result of various measures taken by the GST Council to ensure better compliance. Better reporting coupled with economic recovery has had a positive impact on the GST revenues on a consistent basis.
In June 2022, 74.5 million e-way bills were generated, which were marginally higher than the 73.6 million in May 2022, according to government data.
Of total gross revenue collection, central GST stood at Rs. 25,751 crore (US$ 3.26 billion), state GST stood at Rs. 32,807 crore (US$ 4.15 billion), and integrated GST stood at Rs. 79,518 crore (US$ 10.05 billion).
Compared to June 2021, the revenue from domestic transactions, which includes the import of services, was 22% higher in July 2022, and the revenue from imported commodities was 48% higher too.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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