Growth in GST collection for July 2022
Team Ambitiousbaba are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “Growth in GST collection for July 2022“
The Indian finance ministry has informed that India has got the collection of Rs 1.49 lakh crore in Goods and Services Tax (GST) in July which is hiked of 28 percent from the same month last year.
If we compared the collected amount of July to the money collected in June it is clearly seen that the July GST mop-up around 3% higher than June 2022.
The finance ministry has also stated that five months in a row now, the monthly GST revenues have been registered to more than Rs 1.4 lakh core. This significant numbers of GST collection is indicating a steady increase every month.
Specific in collection of GST:
The distribution of total GST collections is as follows: Central GST at Rs 25,751 crore, State GST at Rs 32,807 crore and Integrated GST at Rs 79,518 crore. The collection of cess is registered at Rs 10,920 crore.
The government squared up Rs 32,365 crore to Central GST and Rs 26,774 crore to State GST from Integrated GST. The total revenue of the Centre and the States in July is Rs 58,116 crore and Rs 59,581 crore, respectively.
As the collection of July for GST is recorded at Rs 1.49 lakh crore, this is the new second-highest amount of collection in a month.
The highest-ever GST collected in a month of April 2022 which is registered highest of Rs 1.68 lakh crore.
In this financial year, the average of monthly GST collections has been registered Rs 1.51 lakh crore which is 22 percent higher than the monthly average for FY22.
In the 47th meeting in late June, the GST Council has taken some certain rate changes decision to correct the reversed duty structure for some items and remove exemptions on others.
Question & Answer:
Q1. How much lakh crore of collection of GST for the month of July 2022 is recorded?
Ans. Rs. 1.49 lakh crore
Q2. In which period of time the highest ever GST collection was registered?
Ans. April 2022 (Rs. 1.68 lakh crore)
Q3. In which year Good and Services Tax was implemented in India?
Ans. 1 July 2017