The Items and Companies Tax (GST) income for July 2022 was recorded at ₹1,48,995 crore, the second-highest for the reason that new oblique tax regime was launched in July 2017, the Union finance ministry mentioned on Monday.
“GST Income assortment for July 2022 second highest ever at ₹1,48,995 crore. For 5 months in a row now, the month-to-month GST revenues greater than ₹1.4 lakh core, displaying a gradual enhance each month,” the ministry knowledgeable on its Twitter deal with.
The Nirmala Sitharaman-headed ministry additional said that GST income for July 2022 was 28% greater than the corresponding numbers for a similar interval final 12 months ( ₹1,16,393 crore).
The earlier second-highest determine was recorded in 2022 as nicely, in June, when the GST income for the month stood at ₹1,44,616 crore. In April this 12 months, the gathering was ₹1,67,540 crore, the highest-ever mark.
In the meantime, offering additional particulars, the ministry mentioned that in the course of the present month, income from import of products was 48% greater and that from home transactions (together with import of companies) was 22% greater than the income from the respective sources in July 2021.
The finance ministry attributed the regular progress in assortment to varied measures taken by the GST Council up to now to make sure higher compliance.
“Higher reporting coupled with financial restoration has been having optimistic influence on the GST revenues on a constant foundation. In the course of the month of June 2022, 7.45 crore e-way payments have been generated, which was marginally greater than 7.36 crore in Could 202,” it mentioned.
