GST collection records 11% year-on-year growth July 2023

GST collection records 11% year-on-year growth July 2023: The Finance Ministry said that the revenues for the month of July are 11 percent higher than the GST revenues in the same month last year. In June this year, the GST revenue collected reached Rs 1,61,497 crore, an increase of 12 percent year-on-year (YoY)

According to information made to public on August 1 by the Ministry of Finance, the total gross goods and services tax (GST) collection for the month of July 2023 was Rs 1.65 lakh crore. Since its establishment, the total gross GST collection has surpassed Rs 1.6 lakh crore five times.

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The Finance Ministry said that the revenues for the month of July are 11 percent higher than the GST revenues in the same month last year.

The gross GST revenue collected in the month of July, 2023 is ₹1,65,105 crore of which CGST is ₹29,773 crore, SGST is ₹37,623 crore, IGST is ₹85,930 crore (including ₹ 41,239 crore collected on import of goods) and cess is ₹11,779 crore (including ₹ 840 crore collected on import of goods).

The government has settled ₹39,785 crore to CGST and ₹33,188 crore to SGST from IGST. The total revenue of Center and the States in the month of July 2023 after regular settlement is ₹69,558 crore for CGST and ₹70,811 crore for the SGST.

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The revenues for the month of July 2023 are 11% higher than the GST revenues in the same month last year. During the month, the revenues from domestic transactions (including import of services) are 15% higher than the revenues from these sources during the same month last year. It is for the fifth time, the gross GST collection has crossed Rs. 1.60 lakh crore mark.

The chart below shows trends in monthly gross GST revenues during the current year. The table-1 shows the state-wise figures of GST collected in each State during the month of July 2023 as compared to July 2022 and table-2 shows the SGST and SGST portion of the IGST received/settled to the States/UTs in July’2023

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“Continued rising GST revenues are a hint that the board should now take into account the recommendation of rate rationalization for different goods and services for the benefit of customers. The effective GSTN network has made it possible to catch tax evaders early on. As a result, the agency often pursues tax evaders and fake billing firms. Parag Mehta, Partner of NA Shah Associates, commented on the most recent numbers, “In addition, the periodic clarifications on business-related matters by the GST Council are also assuring clarity in the legislation, correct compliance’s, and higher collections by the authorities.