Big bang GST collection continues for the Centre with July revenue zooming 11% year-on-year to touch ₹1,65,105 crore. It may be noted that GST (goods and services tax) collection crossed ₹1.6 lakh crore mark for the fifth time since GST rollout.
"The gross GST revenue collected in the month of July, 2023 is ₹1,65,105 crore of which CGST (central goods and services tax) is ₹29,773 crore, SGST is ₹37,623 crore, IGST (integrated goods and services tax) 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 finance ministry says in a release.
The revenues for the month of July 2023 are 11% higher than the GST revenues in the same month last year, the ministry says.
"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 ₹1.60 lakh crore mark," it adds.
"The government has settled ₹39,785 crore to CGST and ₹33,188 crore to SGST from IGST. The total revenue of Centre and the States in the month of July 2023 after the regular settlement is ₹69,558 crore for CGST and ₹70,811 crore for the SGST," it says.
