GST Collections of August 2023

GST collection for August 2023 is Rs.1,59,069 crore, falling from Rs.1,65,105 crore last month. 

The GST collections for July 2023 were Rs.1,65,105, which had risen compared to June 2023, which clocked a collection of Rs.1,61,497 crore. Whereas the August 2023 GST collections have fallen back to Rs.1,59,069 crore. Yet, August 2023 GST collection has grown by 11% Year-on-Year (YoY) basis. 

Break up of GST Collections for August 2023

The GST collections included Rs.28,328 crore collected towards CGST, Rs.35,794 crore towards SGST, and Rs.83,251 crore towards IGST. IGST includes Rs.43,550 crore worth of GST on goods imported. 

The latest notified PIB report also says that the cess collections accounted for Rs.11,695 crore, including Rs.1,016 crore collected towards importing goods.

The government release highlights that the Centre settled Rs.37,581 crore and Rs.31,408 crore in August 2023 towards CGST and SGST, respectively, out of the Integrated Goods and Services Tax collections. 

The remaining revenue of the Centre and states after making regular settlements in August 2023 works out to Rs.65,909 crore for Central GST and Rs.67,202 crore for State GST.

Analysis of the GST Collection for August 2023

For August 2023, the GST collections have dropped. Further, it’s recorded crossing Rs.1.4 lakh crore for eighteen months in a row and crossing Rs.1.5 lakh for the ninth time since 1st July 2017.

The domestic revenue (including service import) was 14% Y-o-Y basis. Further, the GST revenue from the import of goods was 3% higher. 

Moreover, the GST revenues for August 2023 are 11% higher than the monthly GST collections of August 2022 on a Year-on-Year (Y-o-Y) basis. The GST collection for August 2022 was Rs.1,43,612 crore. 

There has been a steady and consistent rise in GST collections since April 2023. The GST collections in May 2023 continue to be the lowest since April 2023 for this fiscal year. Still, one can expect improvement in the upcoming months due to the recovering economy and festive season.

The chart below depicts a YoY comparison of the monthly GST collection in India.

Image credit- PIB

GST Collection for August 2023 State-wise

GST collection in Tripura recorded the highest Y-o-Y rise of 40%. It was followed by Arunachal Pradesh and Ladakh scoring equally a growth of 39%, Nagaland at 37%, and Goa at 36%. 

Similar to past months, Maharashtra recorded the highest GST collection for August 2023 in value terms at Rs.23,282 crore. States such as Karnataka, Gujarat, Tamil Nadu, Haryana, Uttar Pradesh, and West Bengal have also shown exceptional numbers similar to the past months.

State-wise SGST Settled from IGST & Total SGST

The Press Information Bureau has released the information on the State GST amount released to states/UTs out of the Integrated GST and the SGST collected in August 2023. Maharashtra, Karnataka, and Uttar Pradesh, similar to the previous month, have topped the list, as shown in the below table.

The GST Collections August 2023 was released by the Finance Ministry in a press report on the PIB website on 1st September 2023.

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GST Collection July 2023
GST Collection June 2023
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