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GST collection of India reached Rs.1.65 lakh crore
The collection of GST (Gross Services Tax) of India reached at the value of Rs 1.65 lakh crore for the month of July. The collection of GST for July month registered a growth of 11% from last year’s month of July.
The GST collections have crossed the Rs. 1.60 lakh crore marks for the fifth time.
The finance ministry stated that during July month, the revenues from domestic transactions with inclusion of import of services are 15% higher than the revenues from these sources during the same month last year.
Division of collection of GST:
The total collection of GST for July 2023 is Rs. 1.60 lakh crore where central GST is Rs 29,773 crore, State GST is Rs 37,623 crore, and Integrated GST (IGST) is Rs 85,930 crore including Rs 41,239 crore collected on import of goods.
The collection of Cess for the month booked at Rs 11,779 crore with inclusion of Rs 840 crore import of goods.
The government has decided to allocate Rs 39,785 crore to CGST and Rs 33,188 crore to SGST from IGST.
The total revenue of Centre and the States in the month of July 2023 after regular settlement is Rs 69,558 crore for CGST and ₹70,811 crore for the SGST.
The progress in GST collection:
The progressive reduction in the e-invoicing turnover limits went with the large increase in the number of state wise GST audits.
The GST collections is growing rapidly from average of Rs 1 lakh crore per month in 2017-18 to Rs 1.51 lakh crore in 2022-23 after the pandemic-hit 20202-21.
Question & Answer:
Q1. How much amount of GST collection has been registered for the month of July 2023?
Ans. Rs. 1.65 lakh crore
Q2. What is the growth progress of GST collection for the month of July 2023 compared to corresponding time?
Ans. 11%
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