The gross Goods and Services Tax (GST) revenue collected reached Rs 1,61,497 crore in June 2023, marking the fourth instance when the monthly collection has surpassed the Rs 1.6 lakh crore milestone since the inception of GST, the Ministry of Finance release said on Saturday. Additionally, the ministry also informed that the average monthly gross GST collection for the first quarter of the current financial year 2023-24 stood at Rs 1.69 lakh crore, compared to Rs 1.10 lakh crore in FY22 and 1.51 lakh crore in FY23.
Ministry of Finance said, "The gross GST revenue collected in the month of June 2023 is Rs 1,61,497 crore of which CGST is Rs 31,013 crore, SGST is Rs 38,292 crore, IGST is Rs 80,292 crore (including Rs 39,035 crore collected on import of goods) and cess is Rs 11,900 crore (including Rs 1,028 crore collected on import of goods)."
During this period, the government settled Rs 36,224 crore to CGST and Rs 30,269 crore to SGST from IGST. Consequently, the total revenue for the Center and the States after regular settlement stood at Rs 67,237 crore and Rs 68,561 crore for CGST and SGST, respectively, the ministry said.
"The revenues for the month of June 2023 are 12 per cent 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 per cent higher than the revenues from these sources during the same month last year," the ministry said.
Marking six years since the introduction of the new indirect tax collection system, the government on Friday said that the Goods and Services Tax (GST) has proven to be the engine for driving consumption in the country and has helped in reducing the tax burden on the citizens.
The nationwide implementation of GST on July 1, 2017, consolidated 17 local levies, including excise duty, service tax, VAT, and 13 cesses. The GST framework introduced a four-rate structure, which includes exemptions or a low rate of 5 per cent tax on essential items, a top rate of 28 per cent on luxury and demerit goods, and intermediate rates of 12 per cent and 18 per cent.
"GST, which was introduced six years ago by subsuming 17 taxes and 13 cesses levied by the central and state governments, has not only helped in reducing tax burden on the citizens but has also proven to be the engine for driving consumption in the country," the office of Finance Minister Nirmala Sitharaman tweeted.