GST collections have surpassed 1.4 lakh crores for the fifth month in a row. The Goods and Services Tax brought in a total of Rs 1.49 lakh crore to the exchequer in July. In June, the GST collection totaled 1.44 lakh crores, 1.40 lakh crores in May, 1.67 lakh crores in April, and 1.42 lakh crores in March. The GST collection rate increased by 28% year on year in July. In July 2021, the GST collection was 116393 crores. Aside from that, this is the second highest monthly tax collection figure.
In July, Central GST contributed 25751 crore to total GST collection. State GST contributed Rs 32807 crore, while intra GST contributed Rs 79518 crore. Cess brought in a total of 10920 crore rupees for the government exchequer.
₹1,48,995 crore gross GST revenue collected in the month of July 2022— PIB India (@PIB_India) August 1, 2022
GST Revenue collection for July second highest ever & 28% higher than the revenues in the same month last year
Read details: https://t.co/TdZTWLNVxT pic.twitter.com/bkfMGSwqao
Imports in IGST of 79518 crores contributed Rs 41420 crores to the government's treasury, while imports contributed 995 crores of cess of 10920 crores. GST collection has surpassed 1.4 lakh crores in the last five months. The government's tax collection is steadily increasing. The government imposed a number of duties last month to reduce imports, and the effect is clearly visible. Aside from that, the effects of economic improvement can be seen.
The GST Council recently implemented Goods and Services Tax on many such products and services that were previously tax-free. Even if the hotel room stay is less than Rs 1000, GST must be paid. GST will be charged at a rate of 12%. If the cost of the hotel room exceeds Rs 7500, an 18% tax will be levied. Aside from that, a 5% GST will be levied even if the hospital room rent exceeds Rs 5000. A 5% GST has also been imposed on packaged food items.