Introduction
GST: In June 2023, India witnessed a remarkable increase in its gross GST (Goods and Services Tax) revenue, with a growth rate of 12% compared to the previous year. The total GST revenue collected in June 2023 amounted to a staggering 1,61,497 crore. Among the various components of GST, the State Goods and Services Tax (SGST) accounted for 38,292 billion rupees, the Central Goods and Services Tax (CGST) accounted for 31,013 billion rupees, the Integrated Goods and Services Tax (IGST) accounted for 80,292 billion rupees, and the cess contributed 11,900 billion rupees.
To provide a breakdown of the revenue sources, CGST contributed 31,013 crore rupees, SGST amounted to 38 billion dollars, IGST stood at 80 billion dollars (including 39,035 billion dollars collected on the import of goods), and the cess added up to 11,900 billion dollars (including 1,028 billion dollars collected on the import of goods). The government has made payments of 36,224 crore rupees and 30,269 crore rupees to CGST and SGST, respectively, from the IGST. After the regular settlement process, the combined income for CGST and SGST for June 2023 amounted to 67,237 crore rupees and 68,561 crore rupees, respectively.
Comparing June 2023 with the Previous Year
The revenue figures for June 2023 showcase a remarkable growth of 12% compared to the same month in the previous year. In terms of domestic transactions, including those from the import of services, the revenue witnessed an impressive increase of 18% compared to June of the previous year. This signifies a robust growth trajectory for GST revenue in India.
Exceeding the 1.60 Lakh Crore Mark
The total GST revenue collected in June 2023 has surpassed the threshold of 1.60 lakh crore rupees for the fourth time. This milestone reflects the growing economic activity in the country and the effectiveness of the GST system in generating substantial revenue for the government. Looking at the first quarter of the fiscal years 2021-22, 2022-23, and 2023-24, the average monthly gross GST collections were 1.10 lakh crore rupees, 1.51 lakh crore rupees, and 1.69 lakh crore rupees, respectively.
FAQs
Q1: What is the significance of the 12% increase in GST revenue in June 2023?
The 12% increase in GST revenue in June 2023 indicates a positive growth trend in India’s economy. It showcases higher economic activity and improved compliance with tax regulations, resulting in increased revenue generation for the government.
Q2: Which components of GST contribute the most to the revenue?
Among the various components of GST, the State Goods and Services Tax (SGST) and the Central Goods and Services Tax (CGST) contribute significantly to the overall revenue. In June 2023, SGST accounted for 38,292 billion rupees, and CGST contributed 31,013 billion rupees.
Q3: How does the government distribute the GST revenue among the different components?
The government follows a distribution mechanism where the CGST and SGST are paid from the Integrated Goods and Services Tax (IGST). In.