Monday, December 11, 2023

GST revenue: The government’s record-breaking earnings for the month of July came from GST.

GST Revenue Received: The Center’s Modi administration brought in a record amount of GST revenue in July. With GST, the government has made a record-breaking Rs 1,48,995 crore, which is the second-highest amount ever. The government has now received more than 1.40 lakh crores in GST revenue for five months running.

July of last year saw enormous earnings.

The government received Rs 1,16,393 crore from GST in July of last year. This time, the government received more than 28% more revenue from GST than it did in July of the previous year. Prior to this, the GST reached record highs of Rs. 1.44 lakh crore in March, Rs. 1.68 lakh crore in April, and Rs. 1.4088 crores in May of 2022.

CGST is 25,751 crore, SGST is 32,807 crore, IGST is 79,518 crore (including 41,420 crores collected on import of goods), and Cess is 10,920 crore (collected on import of goods), including 995 crores, of the total amount for July 2022.

Read More: Income Tax Return: Not everyone is aware of the four main advantages of submitting an ITR, but you will do so right away.

According to the Finance Ministry, this collection represents the numerous actions the council has done in the past. The economic rebound and improved reporting have consistently had a favorable effect on GST collections. 7.45 crore e-way bills were produced in June 2022, which represents a small increase from 7.36 crore in May 2022.

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