HomeBusinessGST Revenue Hits 1.65 Lakh Crore, Marks 11% Growth Year On Year

GST Revenue Hits 1.65 Lakh Crore, Marks 11% Growth Year On Year

India’s gross GST revenue for July reached a notable Rs 1.65 lakh crore, marking an 11% increase compared to the previous year. Official statistics reveal that this is the fifth instance of GST revenue surpassing Rs 100 crore. The finance ministry stated that revenue from domestic transactions in July saw a 15% rise year-on-year. The breakdown of the revenue includes Rs 29,773 crore from Central GST, Rs 37,623 crore from State GST, and Rs 85,930 crore from Integrated GST. Additionally, cess collection for the month amounted to Rs 11,779 crore, which includes Rs 840 crore collected on imported goods.

The government has allocated Rs 39,785 crore from IGST to CGST and Rs 33,188 crore to SGST. Following this settlement, the total revenue for the Centre and the States in July 2023 stands at Rs 69,558 crore for CGST and Rs 70,811 crore for SGST. The upcoming two to three months are expected to see a further rise in GST revenue due to the festive season. Activities ranging from purchasing homes and cars to holiday celebrations will contribute to GST collection. Increased consumer spending on various consumer goods is also anticipated to boost monthly GST collections.

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