GST Collection Surges By 12% YoY, Exceeds Rs 1.6 Lakh Crore In June 2023

The Gross Goods and Services Tax (GST) collection in June 2023 recorded a significant jump of 12% year-on-year (YoY) to reach Rs 1.6 lakh crore, showcasing positive growth in the Indian economy.

The total GST revenue in May 2023 was Rs 1,57,090 billion.

"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) ," a statement of finance ministry stated on Saturday.

The total amount of cess collected for the month was Rs. 11,900 crore, including Rs. 1,028 crore from imports of products.

The government has paid CGST and SGST a total of Rs 36,224 crore and Rs 30269 crore, respectively, from IGST.

After regular settlement, the combined income for the month of June 2023 for the CGST and the SGST is 67,237 crore and 68,561 crore, respectively.

The total GST revenue has surpassed Rs 1.60 lakh crore for the fourth time. For the first quarter of the fiscal years 2021-2022, 2023-2024, and 2024-25, respectively, the average monthly gross GST collections were Rs 1.10 lakh crore, Rs 1.51 lakh crore, and Rs 1.69 lakh crore.

Domestic transaction revenues for the month were 18% more than they were for June of the previous year.