In June 2023, India’s gross GST revenue hit ₹1,61,497 crore, indicating a 12% year-on-year growth. This marks the fourth instance where the gross GST collection has surpassed the ₹1.6 lakh crore mark since the implementation of the GST regime. It also marks the 16th consecutive month where the collections have been more than ₹1.4 lakh crore and the 7th time that the collections have exceeded ₹1.5 lakh crore.
In June 2023, India's gross GST revenue hit ₹1,61,497 crore, indicating a 12% year-on-year growth. This marks the fourth instance where the gross GST collection has surpassed the ₹1.6 lakh crore mark since the implementation of the GST regime. It also marks the 16th consecutive month where the collections have been more than ₹1.4 lakh crore and the 7th time that the collections have exceeded ₹1.5 lakh crore.
Looking at the average monthly gross GST collections for different financial years, Q1 of FY2021-22 reported ₹1.10 lakh crore, FY2022-23 reported ₹1.51 lakh crore, and FY2023-24 reported ₹1.69 lakh crore.
The June 2023 collection of ₹1,61,497 crore is broken down as follows: ₹31,013 crore from CGST (Central Goods and Services Tax), ₹38,292 crore from SGST (State Goods and Services Tax), ₹80,292 crore from IGST (Integrated Goods and Services Tax, including ₹39,035 crore from import of goods) and cess of ₹11,900 crore (including ₹1,028 crore from import of goods).
The government has allocated ₹36,224 crore to CGST and ₹30,269 crore to SGST from IGST, resulting in total revenues for the Centre and the States of ₹67,237 crore for CGST and ₹68,561 crore for the SGST in June 2023.
In a year-over-year comparison, the revenues for June 2023 are 12% higher than the same month in the previous year. Domestic transactions (including import of services) revenues are 18% higher than the revenues from these sources during the same month last year.
The robust GST collection in June 2023, surpassing previous records, signifies the strong recovery and resilience of the Indian economy in the face of challenges. With the figures indicating a healthy revenue trajectory, the role of GST as a major contributor to India's economic growth becomes more apparent.
Related Press Release is as follows:-
Ministry of Finance
₹1,61,497 crore gross GST revenue collected for June 2023; records 12% Year-on-Year growth
Gross GST collection crosses ₹1.6 lakh crore mark for 4th time since inception of GST; ₹1.4 lakh crore for 16 months in a row; and ₹1.5 lakh 7th times since inception
Average monthly gross GST collection for Q1 of FY2021-22 is ₹1.10 lakh crore; FY2022-23 is ₹1.51 lakh crore; and FY2023-24 is ₹1.69 lakh crore, respectively
The gross GST revenue collected in the month of June, 2023 is ₹1,61,497 crore of which CGST is ₹31,013 crore, SGST is ₹38,292 crore, IGST is
₹80,292 crore (including ₹ 39,035 crore collected on import of goods) and cess is ₹11,900 crore (including ₹ 1,028 crore collected on import of goods).
The government has settled ₹36,224 crore to CGST and ₹30269 crore to SGST from IGST. The total revenue of Centre and the States in the month of June 2023 after regular settlement is ₹67,237 crore for CGST and ₹68,561 crore for the SGST.
The revenues for the month of June 2023 are 12% higher than the GST revenues in the same month last year. During the month, the revenues from domestic transactions (including import of services) are 18% 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 & FY 23-24 are Rs. 1.10 lakh crore, Rs. 1.51 lakh crore and Rs. 1.69 lakh crore respectively.
The chart below shows trends in monthly gross GST revenues during the current year. The table-1 shows the state-wise figures of GST collected in each State during the month of June 2023 as compared to June 2022 and table-2 shows the SGST portion of the IGST received/settled to the States/UTs in June'2023.
State-wise growth of GST Revenues during June 2023[1]
Amount of SGST portion of IGST settled to States/UTs in June'2023