GST collections in July rise 11 per cent to Rs 1.65 lakh crore

New Delhi [India], August 1 (ANI): The Goods and Services Tax (GST) revenue collected in the month of July 2023 was worth Rs 165,105 crore, official data showed Tuesday.

The GST revenues generated in July 2023 were 11 per cent higher than it was registered in the same month last year.

Of the total GST collection in July, CGST was Rs 29,773 crore, SGST was Rs 37,623 crore, IGST was Rs 85,930 crore (including Rs 41,239 crore collected on import of goods) and cess Rs 11,779 crore (including Rs 840 crore collected on import of goods), Ministry of Finance said in a release.

Notably, in April, the gross GST collection was at an all-time high of Rs 187,035 crore.

In the entire financial year 2022-23, the total gross GST collection stood at Rs 18.10 lakh crore and the average gross monthly collection for the full year is Rs 1.51 lakh crore.

The gross revenues in 2022-23 were 22 per cent higher on a yearly basis.

Over the last few years, various efforts have been made to increase the tax base and improve compliance.

Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for a period of five years. (ANI)



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