Goods and Services Tax (GST) yielded ₹1,48,995 crore in revenues during the month of July, the second-highest monthly collections since the launch of the GST regime and the highest in three months.
July’s GST kitty is 28% higher than the same month last year, driven by a 48% surge in revenues from import of goods, while revenues from domestic transactions, including import of services, are 22% higher than a year ago.
The Finance Ministry said better reporting coupled with economic recovery have had a consistently positive impact on GST revenues, which are now 35% higher during the April to July period than a year ago. These revenues display a “very high buoyancy” and are “a clear impact” of various measures taken by the GST Council to ensure better compliance, it noted.
