New Delhi, July 1 (FN Bureau) Goods and services tax (GST) collection rose 12% year-on-year (YoY) to Rs 1,61,497 crore in June, 2023, according to data released by Finance Ministry on Saturday. This is for the fourth time that the gross GST collection crossed Rs 1.60 lakh crore mark in a month. Out of the total GST mop-up in June this year, CGST was 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 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 30,269 crore to SGST from IGST. The total revenue of Centre and the States in the month of June 2023 after regular settlement is Rs 67,237 crore for CGST and Rs 68,561 crore for the SGST,” Finance Ministry said. The Ministry said that revenues from domestic transactions (including import of services) in June were 18% higher than the revenues from these sources during the same month last year. Most of the bigger states such as Rajasthan, Uttar Pradesh, Bihar, West Bengal, Madhya Pradesh, Gujarat and Maharashtra recorded double-digit growth in GST collection in June this year.
M S Mani, Partner, Deloitte India said the rise in GST collections indicate that the extensive focus of the authorities on the compliance and ongoing audits have streamlined the approach of all businesses towards GST. “The fact that state-wise collection growth is in the band of 10 to 20% for many of the large states also indicates uniformity of the growth and centralised approach to building tax compliant behaviour,” he said. As per the Finance Ministry data, average monthly gross GST collections 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.