According to official data released on Saturday, the gross GST collection in June 2023 is set to grow by 12 per cent year-on-year to Rs 1,61,497 crore. This is the fourth time, the monthly gross GST collection has crossed the Rs 1.60 lakh crore mark. The gross GST collection in May 2023 was Rs 1,57,090 crore.
“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 Rs 38,292 crore, IGST Rs 80,292 crore (including Rs 39,035 crore collected on import of goods) and Cess. 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; Record 12% YoY Growth 👉 Gross #GST The collection has crossed ₹1.6 lakh crore for the fourth time since its inception #GST, ₹1.4 lakh crore for 16 consecutive months; and ₹1.5 lakh for the 7th time from the start
– Ministry of Finance (@FinMinIndia) 1 July 2023
The government has settled Rs 36,224 crore from IGST to CGST and Rs 30,269 crore to SGST. The total revenue of the Center and States in June 2023 after regular settlement is Rs 67,237 crore for CGST and Rs 68,561 crore for SGST.
“The revenue for the month of June 2023 is 12 per cent more than the GST revenue for the same month last year. As per the statement, during the month, the revenue from domestic transactions (including import of services) is 18 per cent higher than the revenue from these sources during the same month last year.
This is the fourth time that 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.
Abhishek Jain, Partner and National Head (Indirect Taxes), KPMG India, said, “Continuous breach of the Rs 1.5 lakh crore mark is a great joy for the government and the economy; Especially on the date of completion of six years of this historic tax reform. With the 17-18 deadline approaching and continued focus on anti-piracy measures, the upward trend in collections is expected to continue.”
As per the Union Budget 2023-24, the Center expects its GST collection to grow by 12 per cent in the current fiscal.