GST revenue increased by 28% year on year in July to Rs 1.49 trillion

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• Aug 1, 2022 | Kabir Chakraborty

State GST totaled Rs 32,807 crore and Central GST was Rs 25,751 crore of the total GST receipts. The combined amount of cess and GST was Rs 79,518 crore.

Digital Desk: The Goods and Services
Tax (GST) revenue received in India in July totaled Rs. 1.49 lakh crore, up 28%
over the corresponding month in 2016, the finance ministry reported on August
1.

The
amount of GST money collected in July was 3% more than it was in June.

The
finance ministry stated in a statement that "for five consecutive months,
the monthly GST revenues have been more than Rs 1.4 lakh core, exhibiting a
steady increase every month."

State
GST totaled Rs 32,807 crore and Central GST was Rs 25,751 crore of the total
GST receipts. The combined amount of cess and GST was Rs 79,518 crore.

From
the Integrated GST, the government paid out Rs. 32,365 crores to the Central GST
and Rs. 26,774 crores to the State GST. As a result, after settlement, the
Centre's and the States' respective July total revenues were Rs 58,116 crore
and Rs 59,581 crore.

The
July GST collection, which surpassed the June total by 3% and reached Rs 1.49
lakh crore, is now the second-highest amount ever amassed in a single month.

The
biggest amount of GST ever collected in a month was Rs 1.68 lakh crore, which
was accomplished in April of this year.

GST
collections have been averaging Rs 1.51 lakh crore each month so far this
fiscal year, which is 22% more than the monthly average for FY22.

"The
economic rebound and improved reporting have consistently had a favourable
effect on GST revenues. The number of e-way bills issued in June 2022 was 7.45
crore, somewhat more than the 7.36 crore generated in May 2022 "given by
the finance ministry.