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 in June 2023 is estimated at Rs 1,61,497 crore, a 12 per cent increase over the same month last year, the finance ministry said on Saturday. This is the fourth time, when the gross GST collection has crossed Rs. 1.60 lakh crore figure.

According to the Finance Ministry, of the total gross GST collected in June 2023, Central Goods and Services Tax (CGST) will account for Rs 31,013 crore, State Goods and Services Tax (SGST) Rs 38,292 crore, Integrated Goods and Services Tax (IGST) Rs 80,292 crore were involved. 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 from IGST to CGST and Rs 30269 crore to SGST. The total revenue of the Center and the States in June 2023 after regular settlement is Rs 67,237 crore for CGST and Rs 68,561 crore for SGST.

12% more than last year

“The revenue for the month of June 2023 is 12 per cent more than the GST revenue for the same month last year,” the ministry said. He said the revenue from domestic transactions (including import of services) during the month stood at 18 per cent. over the revenue received from these sources during the corresponding month of the previous year.

“This is the fourth time, the gross GST collection has crossed Rs 1.60 lakh crore. The average monthly gross GST collections for the first quarter of 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 revenue during June 2023

State wise growth of GST revenue during June 2023

latest business news