Anushruti Singh
The gross GST revenue for July rose by a meagre 2 per cent to Rs 1,65,105 crore as against Rs 1,61,497 crore collected in June.
Out of Rs 1,65,105 crore GST collections for July, CGST was Rs 29,773 crore, SGST was Rs 37,623 crore, IGST was Rs 85,930 crore (including Rs 41,239 crore collected on import of goods) and cess stood at Rs 11,779 crore (including Rs 840 crore collected on import of goods).
The government has settled 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 was Rs 69,558 crore for CGST and Rs 70,811 crore for the SGST.
Speaking on the surge in GST revenue, Krishan Arora, Partner, Grant Thornton Bharat says that steady rise in GST collections is a reflection of an encouraging economic activity and rise in domestic consumption.
“This is coupled with the government’s and industry’s efforts towards achieving better compliance framework, advance technology enablement measures and stringent checks on tax evasion, leading to revenue growth for the government,” he said.
