Record-breaking GST Collections In April And Steady Growth In May And June
New Delhi, 2nd July 2023: According to a statement by the Finance Ministry on Saturday, GST collections in June 2023 increased by 12 per cent, surpassing Rs 1.61 lakh crore. This marks the fourth time since the implementation of the indirect tax system on July 1, 2017, that gross GST collection has exceeded Rs 1.60 lakh crore.
As per the Finance Ministry, the gross GST collection during the first quarter (April-June) of The average fiscal year revenues for 2021-22, 2022-23, and 2023-24 amounted to approximately Rs 1.10 lakh crore, Rs 1.51 lakh crore, and Rs 1.69 lakh crore, respectively.
The statement provided a breakdown of the June 2023 GST revenue as follows: Central GST accounted for Rs 31,013 crore, State GST for Rs 38,292 crore, Integrated GST for Rs 80,292 crore (including Rs 39,035 crore collected on import of goods), and cess for Rs 11,900 crore (including Rs 1,028 crore collected on import of goods).
Compared to the same month last year, the June 2023 revenues are 12 per cent higher. Additionally, the revenues from domestic transactions (including the import of services) witnessed an 18 per cent increase compared to the corresponding period last year.
In April, the GST revenues had reached a record high of Rs 1.87 lakh crore, while in May, they stood at Rs 1.57 lakh crore.
