July GST Collection Records Y-O-Y Rise Of 28%

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July GST Collection Records Y-O-Y Rise Of 28%; Gujarat Marks 20% Growth

| Updated: August 2, 2022 09:17

The goods and services tax (GST) collection in July this year increased 28% to Rs1.49 lakh crore compared to the same period last year. This is the second-highest recorded collection. The highest-ever collection was recorded in April at Rs1.68 lakh crore.

According to the Finance Ministry, India has recorded a monthly GST collection of more than Rs1.4 lakh crore for five consecutive months.

Meanwhile, till July this year, GST revenue has increased 35% year-on-year. “This is a clear impact of various measures taken by the GST 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 ministry said.

The data shows Maharashtra, Karnataka, Gujarat, Tamil Nadu and Uttar Pradesh are the major contributors to the growth in GST collection until July and witnessed significant growth in July.

As for Gujarat, GST collection during the month stood at Rs9,183 crore, up 20% against Rs7,629 crore earned in the previous year.

During the month, revenues from import of goods were 48% higher, and revenue from domestic transactions (including import of services) marked a 22% rise compared to last year.

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