Our Correspondent
Kohima, Aug. 1 (EMN): Nagaland recorded Goods and Services Tax (GST) growth of 48% in July 2022 according to the Ministry of Finance on Monday
The state growth of GST revenue has increased to 42% in July 2022 as compared to 28% in July 2021.
The gross GST revenue collected in the month of July 2022 is INR 1,48,995 crore of which CGST is INR 25,751 crore, SGST INR 32,807 crore, IGST INR 79,518 crore (including ₹ 41,420 crore collected on import of goods) and cess INR 10,920 crore (including ₹ 995 crore collected on import of goods). This is second highest revenue since introduction of GST, the Ministry stated.
The government has settled INR 32,365 crore to CGST and INR 26,774 crore to SGST from IGST. The total revenue of Centre and the States in the month of July 2022 after regular settlement is INR 58,116 crore for CGST and INR 59,581 crore respectively for the SGST, it added.
The revenues for the month of July 2022 are 28% higher than the GST revenues in the same month last year of INR 1,16,393 crore. During the month, revenues from import of goods was 48% higher and the revenues from domestic transaction (including import of services) are 22% higher than the revenues from these sources during the same month last year, it informed.
For five months in a row now, the monthly GST revenues have been more than INR 1.4 lakh crore, showing a steady increase every month. The growth in GST revenue till July 2022 over the same period last year is 35% and displays very high buoyancy.
This is a clear impact of various measures taken by the Ministry in the past to ensure better compliance. Better reporting coupled with economic recovery has been having positive impact on the GST revenues on a consistent basis. During the month of June 2022, 7.45 crore e-way bills were generated, which was marginally higher than 7.36 crore in May 2022, the Ministry further added.
The chart below shows the state-wise figures of GST collected in each State during the month of July 2022 as compared to July 2021.