The Government has collected Rs 1.49 lakh crores in Goods and Services Tax (GST) making it the 2nd highest collection


The Government has collected Rs 1.49 lakh crores in Goods and Services Tax (GST) in the month of July 2022, recording an increase of 28% against July month last year.

In Comparison with the GST collected in June, the amount collected in July was higher by 3%.

"For five months in a row now, the monthly GST revenues have been more than Rs 1.4 lakh crore, showing a steady increase every month," the finance ministry said in a statement.

ITC Q1 results are live, read now.

The collections of the Central GST were Rs 25,751 crore, State GST was Rs 32,807 crore. The Integrated GST collection was Rs 79,518 crore and Rs 10,920 crore was related to Cess.

The government had settled Rs 32,365 crore and Rs. 26,774 crores to Central GST and State GST from Integrated GST respectively. As such, post settlement, the total revenue of the Centre and the States in July was Rs 58,116 crore and Rs 59,581 crore, respectively.

The country saw the highest-ever GST collected in April of the current year at Rs 1.68 lakh crore, now followed by the July month of Rs. 1.49 lakh crore.

“Better reporting, coupled with economic recovery, has been having 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,” the finance ministry added.

Pankaj Chaudhary said that the recent revision in GST rates “is expected to further boost government’s revenue collections.”

This news piece is brought to you in association with jobaaj.com  

imgg

Search Anything...!