GST revenue collection grows 12% YoY at Rs 1.61 lakh crore in June | CHECK details

GST collection: The gross Goods and Services Tax (GST) revenue collected in June 2023 was Rs1,61,497 crore, 12 per cent higher than in the same month last year, the Finance Ministry said on Saturday. It is for the fourth time, the gross GST collection has crossed Rs. 1.60 lakh crore mark.

According to Finance Ministry, of the total gross GST collected in June 2023, Central Goods and Services Tax (CGST) comprised Rs 31,013 crore, State Goods and Services Tax (SGST) Rs 38,292 crore, Integrated Goods and Services Tax (IGST) Rs 80,292 crore (including Rs 39,035 crore collected on import of goods) and cess Rs 11,900 crore (including Rs 1,028 crore collected on import of goods).

The government has settled Rs 36,224 crore to CGST and Rs 30269 crore to SGST from IGST. The total revenue of the Centre and the states in the month of June 2023 after a regular settlement is Rs 67,237 crore for CGST and Rs 68,561 crore for SGST.

12% higher than last year

“The revenues for the month of June 2023 are 12 per cent higher than the GST revenues in the same month last year,” the ministry said adding that 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.

“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 and FY 23-24 are Rs 1.10 lakh crore, Rs 1.51 lakh crore and Rs. 1.69 lakh crore respectively,” it said.

State-wise growth of GST Revenues during June 2023

State-wise growth of GST Revenues during June 2023

Latest Business News