July GST revenue up 11 per cent to Rs 1.65 lakh crore
NEW DELHI: The GST collection in July surpassed Rs 1.65 lakh crore, registering an 11% year-on-year growth. This is for the third time that monthly goods and services tax (GST) collection has crossed Rs 1.65 lakh crore mark and for the fifth time it has crossed Rs 1.6 lakh crore. In the first four months of the current financial year, the average monthly GST collection has been Rs 1.67 lakh crore. Experts feel if central government has to achieve the CGST collection target of Rs 8.1 lakh crore, the monthly collection has to be around Rs 1.65 lakh crore for the rest of the eight months.
The monthly GST collection includes both Centre as well as states’ share. After settling collections made under integrated GST (IGST) -- levied on interstate transactions of goods and services as well as on imports -- the Centre received Rs 69,558 crore, and states received Rs 70,811 crore.
In July, the revenues from domestic transactions including import of services were 15% higher than the revenues from these sources during the same month last year. “The continued growth in GST collections with Rs 1.6 lakh crore and above being the norm brings a substantial cheer. With the approaching festive season, this cheer is expected to only increase,” says Abhishek Jain, partner, and national head, Indirect Tax, KPMG in India.
Large states like Punjab, Haryana, Delhi, Uttar Pradesh, Maharashtra, Karnataka, and Tamil Nadu registered double-digit revenue growth. Delhi’s GST revenue grew by 25% on-year at Rs 5,405 crore, while Uttar Pradesh recorded a 24% surge at Rs 8,802 crore. Maharashtra reported an 18% jump in revenue collection at Rs 26,024 crore, Karnataka saw a 17% growth at Rs 11,505 crore and Tamil Nadu’s revenue grew 19% at `10,022 crore GST revenue. Gujarat grew by only 7% in July to Rs 9787 crore.
Meanwhile, the government has made e-invoicing mandatory from August 1, 2023, for traders with an annual turnover of Rs 5 crore or above from 2017-18 onwards. Earlier, it was applicable for traders with a yearly turnover of Rs 10 crore and above.
GST Council virtual meeting on August 2
NEW DELHI: The GST Council will meet virtually on August 2 to deliberate on controversial 28% tax on online gaming, casinos and horse racing. The online gaming industry expressed its discontentment after the government levied 28% on full face value of a gaming transaction.