GST collection in July stands at over Rs 1.65 lakh crore
The GST collection for the month of July was recorded at Rs 1,65,105 crore, the Ministry of Finance said on Tuesday.
GST collection crossed the Rs 1.6 lakh crore mark for the fifth time since the inception of the goods and services tax. The revenues for July are 11 per cent higher than the GST revenues in the same month last year.
Of the gross GST of Rs 1.65 lakh crore collected in July, Rs 29,773 crore is CGST and Rs 37,623 crore is SGST. Rs 85,930 crore is IGST, including Rs 41,239 crore that was collected on import of goods, and cess is Rs 11,779 crore, including Rs 840 crore collected on import of goods.
The ministry added that the government settled Rs 39,785 crore to CGST and Rs 33,188 crore to SGST from IGST. The total revenue of Centre and the states in July is Rs 69,558 crore for CGST and Rs 70,811 crore for the SGST, after regular settlement.
The government said that the revenues for July are 11 per cent higher than the GST revenues for the same month last year. Revenues from domestic transactions, including import of services, are 15 per cent higher than the same month last year.