GST collections up by 11% in July ‘23

The collection of Goods and Services Tax (GST) experienced an 11% increase in July 2023 compared to the same month the previous year, reaching a total of over INR 1.65 trillion, according to a report from the Ministry of Finance. 

Among the total collection of INR 1,65,105 crore in July, the components were distributed as follows: INR 29,773 crore constituted the Central Goods and Services Tax (CGST), INR 37,623 crore accounted for the State Goods and Services Tax (SGST), INR 85,930 crore encompassed the Integrated Goods and Services Tax (IGST), which includes INR 41,239 crore collected from the import of goods, and INR 11,779 crore represented the cess, which also incorporates INR 840 crore from the import of goods. These figures are based on official data released by relevant authorities.

In terms of disbursement, the government allocated INR 39,785 crore to CGST and INR 33,188 crore to SGST from the IGST pool. Following the routine settlements, the cumulative revenue for the Center and the states for July 2023 stood at INR 69,558 crore for CGST and INR 70,811 crore for SGST.

This achievement marked the fifth instance since its initiation in July 2017 that the GST collection surpassed the significant INR 1.6 trillion milestone. This boost can be attributed to heightened adherence to compliance measures and a robust surge in business activities.

Highlighting this accomplishment, the finance ministry stated that the revenue data for July 2023 exhibited an 11% growth compared to the corresponding month of the previous year. Moreover, revenue derived from domestic transactions, including the import of services, demonstrated a notable 15% increase in comparison to the same period in the preceding year. The finance ministry also emphasized that this marks the fifth occurrence when the gross GST collection has exceeded the INR 1.60 trillion threshold.

Source: Hindustan Times