GST collection rises to Rs 1.48 lakh crore in July, up 28% year-on-year
The total included CGST of Rs 25,751 crore, SGST of Rs 32,807 crore, IGST of Rs 79,518 crore (including Rs 41,420 crore collected on import of goods), and cess of Rs 10,920 crore (including Rs 995 crore collected on import of goods), according to a statement from the Ministry of Finance.
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FollowThe amount of GST collected in July totaled Rs 1,48,995 crore, which is 28% more than it was in the same month last year. Since the GST was implemented in 2017, this is the second-highest income.
The total included CGST of Rs 25,751 crore, SGST of Rs 32,807 crore, IGST of Rs 79,518 crore (including Rs 41,420 crore collected on import of goods), and cess of Rs 10,920 crore (including Rs 995 crore collected on import of goods), according to a statement from the Ministry of Finance.
Total GST receipts was at Rs 1.44 lakh crore in June 2022. The monthly GST collections have exceeded Rs 1.4 lakh core for the last five months in a row, exhibiting a consistent rise each month.
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The GST income collections exceeded the Rs 1.5 lakh crore threshold for the first time in April at Rs 1.68 lakh crore, which is significant to note. The GST regime's five-year period came to an end last month. Through the GST taxation system, the government aimed to impose uniform taxes across the nation as well as to promote transparency, accountability, and an easier registration procedure.
The government implemented the GST on July 1st, 2017, and states were promised compensation for any revenue losses resulting from the adoption of the GST under the terms of the GST (Compensation to States) Act, 2017, for a five-year period.
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Certain commodities are subject to a cess, with the money collected going into the compensation fund for the purpose of paying out compensation to States. With effect from July 1, 2017, compensation to States is paid out of the Compensation Fund.
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