Gross GST revenue of July 2022 stands taller than last year; netizens trend inflation as a reason, read more
As we move into August, the GST revenue collection for the month of July has ended. The total GST revenue collected at July’ end amounts to Rs 1,48,995 crores. This comes in as the second highest gross GST revenue ever collected. On comparison with last year’s July revenue collection, this year remains at 28% higher. The Ministry of Finance updated this information today.
According to reports, in the month of July this year, revenues from import of goods was 48% higher than last July. The revenues from domestic transaction (inclusive of import of services) stood at 22% higher.
The monthly GST revenues have crossed a mark of Rs 1.4 lakh for the past five months in a row. The Ministry of Finance asserted that positive impact has been experienced in the GST revenues due to better reporting coupled with economic recovery. The Ministry also emphasized that various measures taken by the Council has facilitated better compliance. The Ministry also expressed that the GST revenues are experiencing a high optimism due to the continuous growth.
However, Netizens have a different take on this. They believe the figures are high because of inflation. Basic items and lifestyle accessories, which didn’t have GST imposed to them, were done so this year. The high revenue collection is just a reflection of the increase in taxes, expressed netizens.