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| July 2022 (Week 1) | ||
GST NEWS BULLETIN
June’s GST revenue was second highest at over Rs. 1.44 lakh crores
The gross GST revenue collected in June 2022 is ₹ 144,616 crore of which CGST is ₹25,306 crore, SGST is ₹32,406 crore, IGST is ₹75,887 crore (including ₹40,102 crores collected on import of goods) and cess is ₹11,018 crore (including ₹ 1197 crore collected on import of goods).
Change in the formula used for calculation of refund of accumulated ITC on account of Inverted Duty structure
The Hon’ble Apex Court in the Union of India vs VKC Footsteps India Private Limited Civil Appeal No. 4810 of 2021 observed that the existing formula erroneously assumes that the entire output tax will be paid from ITC availed on input goods and the credit on input services will not be utilized for payment of output tax.
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