Goods and Services Tax (GST) revenue for July 2022 has reached an impressive £1.49 lakh crore, marking the second-highest collection since the tax's introduction. This figure represents a significant 28% increase compared to the same month last year. For five consecutive months, GST revenues have surpassed £1.4 lakh crore, indicating a consistent upward trend driven by improved compliance and economic recovery.
₹1,48,995 crore gross GST revenue collected in the month of July 2022
GST Revenue collection for July second highest ever 28% higher than the revenues in the same month last year
The gross GST revenue collected in the month of July 2022 is
₹1,48,995 croreof which CGST is₹ 25,751 crore, SGST is₹ 32,807 crore, IGST is
₹ 79,518 crore(including ₹ 41,420 crore collected on import of goods) and cess is
₹ 10,920 crore(including ₹ 995 crore collected on import of goods).This is second highes
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FAQ :
The gross GST revenue collected in July 2022 was £1,48,995 crore.
The GST revenue for July 2022 was 28% higher than the £1,16,393 crore collected in July 2021.
It is the second-highest GST revenue collection ever recorded since the introduction of GST.
The increase is attributed to better compliance measures implemented by the Council, improved reporting, and economic recovery.
Revenues from the import of goods were 48% higher in July 2022 compared to the same month last year.
Yes, for five months in a row, monthly GST revenues have been more than £1.4 lakh crore.