In July 2023, there has been a GST collection of Rs 1,65,105 crore, which is 11 percent more than in July 2022. Ever since the GST came into existence, this is the fifth consecutive time when the GST collection has been more than Rs 1.60 lakh crore.
In the GST collection, CGST (CGST) is Rs 29,773 crore, SGST (SGST) is Rs 37,623 crore and IGST (IGST) is Rs 85,930 crore, in which Rs 41,239 crore has been recovered from the import of goods. And Rs 11,779 crore has been recovered through cess, in which Rs 840 crore has been recovered from the import of goods.
Releasing the data of GST collection, the Finance Ministry said that the government has settled Rs 39,785 crore from IGST to CGST and Rs 33,188 crore to SGST. After regular settlement, in July 2023, the revenue of the Center from CGST is Rs 69,558 crore and the revenue of the states from SGST is Rs 70,811 crore. Compared to July 2022, there has been an 11 percent jump in GST collection in July 2023.
₹1,65,105 crore gross #GST revenue collected for July 2023; records 11% Year-on-Year growth
Gross #GST collection crosses ₹1.6 lakh crore mark for 5th time since inception of #GST
Revenues from domestic transactions (including import of services) are 15% higher Year-on-Year… pic.twitter.com/T7rxc15JPC
— Ministry of Finance (@FinMinIndia) August 1, 2023
In July, there has been a jump of 15 percent in the revenue from domestic transactions, which includes import of services, as compared to the same month last year. GST collection in July 2023 where it has been Rs 1,65,105 crore which is more than June 2023. The GST collection in June was Rs 1,61,497 crore.
Whereas in the first month of the current financial year 2023-24, a record collection of GST was seen in April 2023, in April 2023 the GST collection was Rs 1,87,035 crore. The GST Council meeting is also going to be held on August 2 to discuss the law regarding online gaming.
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