The Ministry of Finance, Government of India, has released the GST revenue collection data for July 2023. The figures show a significant increase in GST collections compared to the same period last year. This article provides an in-depth analysis of the revenue collection and its implications.

The Ministry of Finance, Government of India, has released the GST revenue collection data for July 2023. The figures show a significant increase in GST collections compared to the same period last year. This article provides an in-depth analysis of the revenue collection and its implications.

Analysis: In July 2023, the gross GST revenue collected was ₹1,65,105 crore, indicating an 11% year-on-year growth. This achievement marks the fifth time the gross GST collection has crossed the ₹1.6 lakh crore mark since the introduction of GST. The breakup of the collected revenue includes ₹29,773 crore as CGST, ₹37,623 crore as SGST, ₹85,930 crore as IGST (including ₹41,239 crore from import of goods), and ₹11,779 crore as cess (including ₹840 crore from import of goods).

The revenue from domestic transactions, including import of services, witnessed a substantial increase of 15% compared to the same month in the previous year. The government also settled ₹39,785 crore to CGST and ₹33,188 crore to SGST from IGST. After regular settlement, the total revenue for the Centre and the States in July 2023 stands at ₹69,558 crore for CGST and ₹70,811 crore for SGST.

Conclusion: The GST revenue collection for July 2023 shows positive signs of economic recovery and growth. The significant YoY increase reflects improved economic activity and consumer spending. The government's efforts to enhance compliance and boost tax collections have yielded fruitful results. The consistent crossing of the ₹1.6 lakh crore mark indicates the stability and effectiveness of the GST system. As the economy continues to rebound, it is expected that GST revenue collections will further strengthen in the coming months, supporting various developmental initiatives and welfare programs.

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Ministry of Finance

₹1,65,105 crore gross GST revenue collected for July 2023; records 11% Year-on-Year growth

Gross GST collection crosses ₹1.6 lakh crore mark for 5th time since inception of GST

Revenues from domestic transactions (including import of services) are 15% higher Year-on-Year

Posted On: 01 AUG 2023 2:08PM by PIB Delhi

The gross GST revenue collected in the month of July, 2023 is ₹1,65,105 crore of which CGST is ₹29,773 crore, SGST is ₹37,623 crore, IGST 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 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 regular settlement is ₹69,558 crore for CGST and ₹70,811 crore for the SGST.

The revenues for the month of July 2023 are 11% higher than the GST revenues in the same month last year. 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 Rs. 1.60 lakh crore mark.

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 July 2023 as compared to July 2022 and table-2 shows the SGST and SGST portion of the IGST received/settled to the States/UTs in July'2023.

State-wise growth of GST Revenues during July 2023[1] (Rs. in crore)

[1] Does not include GST on import of goods

Amount of SGST & SGST portion of IGST settled to States/UTs in July'2023 (Rs. in crore)