GST Revenue Collection Crosses Rs 1.6 Lakh Crore For 5th Consecutive Month, Rises By 11% In July 2023

The government collected GST revenue of Rs 1,65,105 crore in July 2023, becoming the fifth month to cross the Rs 1.6 lakh crore mark since its inception. The Finance Ministry on Tuesday said that the GST revenue in July this year is higher by 11% compared to the same month a year ago. Also, GST revenue from domestic transactions has jumped 15% YoY.

In the previous month, GST revenue was at Rs 1,61,497 crore.

Of the total GST revenue in July 2023, CGST is at Rs 29,773 crore, SGST is at Rs 37,623 crore, IGST is at RS 85,930 crore (including Rs 41,239 crore collected on import of goods) and cess is at Rs 11,779 crore (including Rs 840 crore collected on import of goods).

Notably, the government also settled Rs 39,785 crore to CGST and ₹33,188 crore to SGST from IGST.

Total revenue of Centre and the States in July 2023 after the regular settlement comes around to ₹69,558 crore for CGST and ₹70,811 crore for the SGST.

GST revenue collection has stayed above Rs 1.6 lakh crore since March 2023.

In July month, GST council members in the 50th meeting recommended that casino, horse racing, and online gaming be taxed at the uniform rate of 28% on full face value. Also, the council recommended bringing down GST rates from 18% to 5% on four items --- Uncooked, unfried & extruded snack palettes, fish soluble paste, LD slag (at par with blast furnace slag) and imitation zari thread.

Furthermore, the council recommended IGST exemption for Dinutuximab (Quarziba), medicines and Food for Special Medical Purposes (FSMP) when imported for personal use subject to existing conditions. Recommends extension of the exemption to FSMP imported by Centres of Excellence for Rare Diseases or any institution or person on recommendation of such listed Centres of Excellence.