GST collection in July at Rs 1.49 lakh crore, second highest ever; up 28% YoY

GST data collection in July: The gross Goods and Services Tax (GST) revenue collection in July stood at approximately Rs 1.49 lakh crore, according to the Ministry of Finance on Monday. July's GST collection is 28% higher than the revenues in the same month last year. In July 2021, GST collections stood at Rs 1,16,393 crore.

 The collections in July this year are also the second highest since the introduction of GST in July 2017, the Ministry said in a statement. The collections hit a record high of Rs 1.68 lakh crore in April 2022.

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

GST Revenue collection for July 2022 second highest ever at ₹1,48,995 crore

 For five months in a row now, the monthly GST revenues more than ₹1.4 lakh core, showing a steady increase every month

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For five months in a row now, the monthly GST revenues have been more than Rs 1.4 lakh core, showing a steady increase every month. The growth in GST revenue till July 2022 over the same period last year is 35% and displays a very high buoyancy. This is a clear impact of various measures taken by the GST Council in the past to ensure better compliance.

Better reporting coupled with economic recovery have a positive impact on the GST revenues on a consistent basis. During the month of June 2022, 7.45 crore e-way bills were generated, which was marginally higher than 7.36 crore in May 2022.