Lagatar24 Desk
New Delhi, Aug 1: The amount of GST collected in July totaled 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 revenue.
The total included CGST of Rs 25,751, SGST of Rs 32,807, IGST of 79,518 (including Rs 41,420 collected on import of goods), and cess of 10,920 (including Rs 995 collected on import of goods), according to a statement from the Ministry of Finance.
Total GST receipts stood at 1.44 lakh crore in June 2022. The monthly GST collections have exceeded 1.4 lakh core for the last five months in a row, exhibiting a consistent rise each month. The GST income collections crossed the 1.5 lakh crore threshold for the first time in April at 1.68 lakh crore, which is significant to note.
“The growth in GST revenue till July 2022 over the same period last year is 35% and displays a very high buoyancy. This is a clear impact of various measures taken by the Council in the past to ensure better compliance. Better reporting coupled with economic recovery has been having a positive impact on the GST revenues on a consistent basis,” the statement added.
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 process.
Notably, the government implemented the GST on July 1st, 2017, and states were promised compensation for any revenue losses resulting from the implementation of the GST under the terms of the GST (Compensation to States) Act, 2017, for a five-year period.
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.
A number of states requested an extension of the compensation at least for a few years, if not for five years, at the most recent GST Council meeting in Chandigarh. It has not yet been the subject of any formal decision.
