Gross GST collection in June 2023 jumped 12 per cent year-on-year to Rs 1,61,497 crore, according to the official data released on Saturday. It is for the fourth time, the monthly gross GST collection has crossed the Rs 1.60 lakh crore mark. In May 2023, the gross GST collection had stood at Rs 1,57,090 crore.
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“The gross GST revenue collected in the month of June 2023 is Rs 1,61,497 crore of which CGST is Rs 31,013 crore, SGST is Rs 38,292 crore, IGST is Rs 80,292 crore (including Rs 39,035 crore collected on import of goods) and cess is Rs 11,900 crore (including Rs 1,028 crore collected on import of goods),” the finance ministry said in a statement on Saturday.
???? ₹1,61,497 crore gross #GST revenue collected for June 2023; records 12% Year-on-Year growth???? Gross #GST collection crosses ₹1.6 lakh crore mark for 4th time since inception of #GST; ₹1.4 lakh crore for 16 months in a row; and ₹1.5 lakh 7th time since inception
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— Ministry of Finance (@FinMinIndia) July 1, 2023
The government has settled Rs 36,224 crore to CGST and Rs 30,269 crore to SGST from IGST. The total revenue of the Centre and the states in June 2023 after the regular settlement is Rs 67,237 crore for CGST and Rs 68,561 crore for the SGST.
“The revenues for the month of June 2023 are 12 per cent higher than the GST revenues in the same month last year. During the month, the revenues from domestic transactions (including import of services) are 18 per cent higher than the revenues from these sources during the same month last year,” according to the statement.
It is for the fourth time, the gross GST collection has crossed Rs 1.60 lakh crore mark. The average monthly gross GST collection for the first quarter of the FY 2021-22, FY 22-23 & FY 23-24 are Rs 1.10 lakh crore, Rs 1.51 lakh crore and Rs 1.69 lakh crore, respectively.
Abhishek Jain, partner and national head (indirect taxes) at KPMG India, said, “Consistent breach of the Rs 1.5 lakh crore mark is a big cheer for the government and economy; specifically on the date of completion of six years of this historical tax reform. With approaching limitation period for 17-18 and continued focus on anti-evasion measures, increasing trend on collections is expected to continue.”
According to the Union Budget 2023-24, the Centre expects its GST collections to rise by 12 per cent in the current financial year.
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