The Goods and Services Tax collection in the month of July was recorded at Rs 1,48,995 crore, which is 28 percent higher than the corresponding month last year. This is the second highest revenue since the implementation of GST in 2017.
Overall, CGST was Rs 25,751 crore, SGST Rs 32,807 crore, IGST Rs 79,518 crore (including Rs 41,420 crore collected on import of goods) and Cess Rs 10,920 crore (including Rs 995 crore collected on import of goods). The Finance Ministry said in a statement.
The total GST collection in June 2022 was Rs 1.44 lakh crore. For five consecutive months, the monthly GST revenue has been over Rs 1.4 lakh crore, showing a steady increase every month.
Significantly, for the first time in the month of April, the GST revenue collection has crossed the Rs 1.5 lakh crore mark to Rs 1.68 lakh crore.
“GST revenue up to July 2022 has increased by 35% over the same period last year and shows a huge jump. This is a clear effect of various measures taken by the Council in the past to ensure better compliance Improved reporting recovery coupled with economic has had a positive impact on GST revenue on a consistent basis.”
Last month, five years of the GST regime were completed. The government intends to bring in uniform taxation across the country, apart from transparency, accountability and a simple registration process, through the GST taxation system.
GST was introduced in the country with effect from 1st July 2017 and as per the provisions of the GST (Compensation to States) Act, 2017 the States are assured of compensation for a period of five years for any loss of revenue due to the implementation of GST. was given.
In order to provide compensation to the states, cess is being levied on certain items and the amount of cess collected is being deposited in the Compensation Fund. Compensation to the states is being paid from the Compensation Fund with effect from July 1, 2017.
In the recent GST Council meeting held in Chandigarh, several states have demanded extension of compensation for at least a few years, if not for 5 years. A formal decision is yet to be taken on this.
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