[ad_1]
The goods and services tax (GST) collections grew 28 per cent year-on-year to about Rs 1.49 trillion in July — the second-highest mop-up ever. The highest-ever collection recorded in April at Rs 1.68 trillion.
For five months in a row now the monthly collections have been more than Rs 1.4 trillion, the finance ministry stated on Monday.
According to the government, GST revenue has grown 35 per cent year-on-year (YoY) till July, “displaying very high buoyancy”.
“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.
In June, 74.5 million e-way bills were generated, which was marginally higher than the 73.6 million in May, according to the government data.
Of total gross revenue collection, Central GST stood at Rs 25,751 crore, state GST was Rs 32,807 crore, integrated GST was Rs 79,518 crore (including Rs 41,420 crore collected on import of goods), and cess collection stood at Rs 10,920 crore (including Rs 995 crore collected on import of goods).
The government has settled Rs 32,365 crore to CGST and Rs 26,774 crore to SGST from IGST, the ministry said. The total revenue of the Centre and states in July after regular settlement is Rs 58,116 crore for CGST and Rs 59,581 crore for the SGST.
In July, revenue from import of goods was 48 per cent higher and the revenue from domestic transactions (including import of services) was 22 per cent higher than the revenue from these sources during the same month last year.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
[ad_2]
Source link
