GST

GST Collection of June 2023

GST Collection of june

Introduction

GST (Goods or Services Taxes) was implemented in India on 1st July 2017. There have been continuous debates regarding its success. Meanwhile,the Indian government has continuously made record-breaking GST collections. The gross GST revenue collected for June 2023 is INR 1,61,497 crore. It was a 12% year-on-year(Y-o-Y) growth. Since the inception of GST, this was the fourth time when Gross GST collection crossed INR 1.6 lakh crore mark. For 16 months in a row, the GST collection has crossed INR 1.4 lakh crore mark, and for the 7th time in a row, it has crossed INR 1.5 lakh crore mark. In April 2023, India witnessed a record-high GST collection of INR 1.87 lakh crore, where indirect taxes only stood at INR 1,57,090 crore.

The GST Collection data for June 2023 was announced on the sixth anniversary of GST in India. The introduction of GST marked a significant event in India’s taxation history. GST is a comprehensive system and its introduction in a federal country like India was a remarkable step. Multiple tax laws were consolidated into a single system.

Growth in GST Collection

India has shown an upward graph in GST Collection. The average monthly gross GST collection data of the first quarter (Q1) of the past three financial years has been represented below in a tabular form:

Q1 of Financial Year (FY)GST Collected in lakh crore
FY 2021- 2022INR 1.10 lakh crore
FY 2022-2023INR 1.51 lakh crore
FY 2023-2024INR 1.69 lakh crore

For June 2023, the Gross GST collected is INR 1,61,497 crore. Let’s see its break up into CGST, SGST, IGCT and cess.

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ParticularsGST Collected in crores
CGSTINR 31,013
SGSTINR 38,292
IGSTINR 80,292 (including INR 39,035 crore collected on import of goods)
CessINR 11,900 (Including INR 1028 crore collected on import of goods)

The gross GST revenue collected in June 2023 is 12% higher than the GST collected in the same month of the previous financial year. In June 2022, the Gross GST collections were up by 56% Y-o-Y. Let’s make a comparison between the GST Collection in June 2023 and June 2022 in a tabular form:

ParticularsGST Collection in June 2022 (in crores)GST Collection in June 2023 (in crores)
CGSTINR 25,306INR 31,013
SGSTINR 32,406INR 38,292
IGSTINR 75,887 (Including INR 40102 crore collected on import of goods)INR 80,292 (including INR 39,035 crore collected on import of goods)
CessINR 11,018 (Including 1197 crore collected on import of goods)INR 11,900 (Including INR 1028 crore collected on import of goods)
TotalINR 1,44,616INR 1,61,497

Further, in June 2023, revenues from domestic transactions, including import of services, were 18% higher compared to the same month in the previous year. This was the fourth time the GST collection surpassed the INR 1.60 lakh crore mark. In the last four years, the GST collection for the Q1 of FY 2021-22, FY2022-23 and FY 2023-24 was INR 1.10 lakh crore, INR 1.51 lakh crore and INR 1.69 lakh crore respectively.

The Chart below shows the trend of GST collection in Q1 of the current financial year:

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GST Collection for June 2023 State-wise

State/UTJune 2022June 2023Growth(%)
Jammu and Kashmir371.83588.6858%
Himachal Pradesh693.14840.6121%
Punjab1,682.501,965.9317%
Chandigarh169.7227.0634%
Uttarakhand1,280.921,522.5519%
Haryana6,713.897,988.1819%
Delhi4,313.364,744.1110%
Rajasthan3,385.953,892.0115%
Uttar Pradesh6,834.518,104.1519%
Bihar1,232.061,437.0617%
Sikkim256.37287.5112%
Arunachal Pradesh58.5390.6255%
Nagaland33.5879.2136%
Manipur38.7960.3756%
Mizoram25.8555.38114%
Tripura62.9975.1519%
Meghalaya152.59194.1427%
Assam972.071,213.0525%
West Bengal4,331.415,053.8717%
Jharkhand2,315.142,830.2122%
Odisha3,965.284,379.9810%
Chhattisgarh2,774.423,012.039%
Madhya Pradesh2,837.353,385.2119%
Gujarat9,206.5710,119.7110%
Dadra and Nagar Haveli and Daman & Diu349.7339.31-3%
Maharashtra22,341.4026,098.7817%
Karnataka8,844.8811,193.2027%
Goa428.63480.4312%
Lakshadweep0.6421.863316%
Kerala2,160.892,725.0826%
Tamil Nadu8,027.259,600.6320%
Puducherry182.46210.3815%
Andaman and Nicobar Islands22.3635.9861%
Telangana3,901.454,681.3920%
Andhra Pradesh2,986.523,477.4216%
Ladakh13.2214.5710%
Other Territory205.3227.4211%
Center Jurisdiction143.42179.6225%
Grand Total103317.18121433.5218%

State-wise SGST Settled from IGST

State/UTsAmount (Rs. In crore)
Jammu and Kashmir417.85
Himachal Pradesh222.35
Punjab961.45
Chandigarh122.21
Uttarakhand221.64
Haryana1,153.80
Delhi1,136.95
Rajasthan1,554.76
Uttar Pradesh3,236.11
Bihar1,491.33
Sikkim39.3
Arunachal Pradesh105.43
Nagaland61.38
Manipur49.88
Mizoram55.95
Tripura84.46
Meghalaya86.75
Assam743.95
West Bengal1,503.81
Jharkhand304.92
Odisha409.84
Chhattisgarh366.81
Madhya Pradesh1,606.95
Gujarat1,571.56
Dadra and Nagar Haveli and Daman and Diu27.97
Maharashtra3,484.55
Karnataka2,688.90
Goa162.97
Lakshadweep4.8
Kerala1,415.11
Tamil Nadu1,873.31
Puducherry184.21
Andaman and Nicobar Islands24.33
Telangana1,621.37
Andhra Pradesh1,159.88
Ladakh28.68
Other Territory82.97
Total30,268.53

Words by the Finance Minister on the 6th Anniversary of GST

The Finance Minister of India, on the 6th Anniversary of GST, stated that GST has been compared to the pre-GST era on many common-use items. She also emphasized that the GST has brought down the taxes paid by consumers, removing the cascading effect of “tax on tax”. Not only this, but it has also boosted the revenue of states. She also highlighted that items like sugar, tea, milk powder, edible vegetable oils, spices, and footwear attract a 5% tax under GST compared to a 6-10% tax under the earlier tax regime. In the pre-GST era, the tax burden for toothpaste, perfumes, hair oils, soaps, and detergents was almost 28%, reduced to 18% under the GST. She added that the average pre-GST tax on common-use electrical items like refrigerators, mixer-grinder, vacuum cleaners, TV up to 27 inches, and washing machines was 31.5% which has come down to 12% under GST. Moving on, she also added that many bathroom & toilet fittings, windows, doors, and frames which were earlier taxed at around 28%, were reduced to 18% in the GST regime. Movie tickets were brought down from 35% to 12% for tickets up to INR 100 and 18% for tickets above INR 100. Hence, she subtly pointed out that a step like GST has relieved the commoners by reducing their tax burden.

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Conclusion

In conclusion, it can be said that though the GST regime has increased compliance requirements, it has reduced the tax burden, and the increased GST collection is generating more revenue for the government.

When was GST Implemented?

GST was implemented on 1st July 2017.

What are the applicable rates under GST?

The applicable rates under GST are pegged at O (nil rate), 5%, 12%, 18% and 28%.

Who collects GST in India?

The Central and State governments share the authority to collect GST.

What is the GST Collection in June 2023?

The Gross GST collected in June 2023 is INR 1,61,497 crore.

How much has the GST increase been marked from the last year?

India’s gross GST collection in June marked a 12% increase compared to the previous year.

What is the date for paying GST?

The last date for filing a GST return is 30th April 2023.

What are the three types of GST?

The three types of GST in India are CGST, SGST and IGST.

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