New Delhi: The revenue from Goods and Service Tax (GST) crossed Rs 1.6 lakh crore in August 2023. The GST collection witnessed a 11% growth when compared with the GST revenues in the same month last year. The GST collection was Rs 1,43,612 crore in August 2022.
It is for the sixth time, the gross GST collection has crossed Rs 1.60 lakh crore mark. In July this year, the GST collections was at Rs 1,65,105 crore. In June, GST collection was Rs 1,61,497 crore.
Of the Rs 1.59 lakh crore GST collected, CGST is Rs 28,328 crore, SGST is Rs 35,794 crore, IGST is Rs 83,251 crore (including Rs 43,550 crore collected on import of goods) and cess is Rs 11,695 crore (including Rs 1,016 crore collected on import of goods).
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The Union government has settled Rs 37,581 crore to CGST and Rs 31,408 crore to SGST from IGST. The total revenue of Centre and the States in the month of August, 2023 after regular settlement is Rs 65,909 crore for CGST and Rs 67,202 crore for the SGST.
During August,revenue from import of goods was 3% higher and the revenues from domestic transactions (including import of services) are 14% higher than the revenues from these sources during the same month last year.
?1,59,069 crore gross #GST revenue collected for August 2023; records 11% Year-on-Year growth
Revenues from domestic transactions (including import of services) are 14% higher Year-on-Year
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— Ministry of Finance (@FinMinIndia) September 1, 2023
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