Goods Services Tax collection has risen 28 per cent to touch the second-highest level of Rs 1.49 lakh crore in July on the back of economic recovery and steps taken to curb tax evasion. Goods and Services Tax (GST) collection stood at Rs 1,16,393 crore in the same month a year ago. GST, introduced in July 2017, touched a record high of Rs 1.68 lakh crore in April 2022.
About the Goods Services Tax:
- This is the sixth time that the monthly GST collection crossed the Rs 1.40-lakh-crore mark since the inception of GST and the fifth month at a stretch since March 2022.
- In July, revenues from import of goods were 48 per cent higher and the revenues from domestic transactions (including import of services) were 22 per cent higher than the revenues from these sources during the same month last year.
- Of the Rs 1,48,995 crore GST collected in July, Central GST is Rs 25,751 crore, State GST is Rs 32,807 crore, Integrated GST is Rs 79,518 crore (including Rs 41,420 crore collected on import of goods) and cess is Rs 10,920 crore (including Rs 995 crore collected on import of goods).
List of previous months of GST:
- January: 1,40,986 crore
- February: 1,33,026 crore
- March: 1,42,095 crore
- April: 1,67,540 crore
- May: 1,40,885 crore
- June: 1,44,616 crore
- July: 1,48,995 crore