GST Collections of July 2023

GST collection for July 2023 is Rs.1,65,105 crore, rising from Rs.1,61,497 crore last month. It is the second-highest monthly collection after April 2023. Also, July 2023 marked the 5th time since the introduction of GST to have crossed the Rs.1.6 lakh crore mark.

The GST collections for June 2023 was Rs. 1,61,497, which had risen compared to May 2023, which clocked a collection of Rs.1,57,090 crore. Whereas the July 2023 GST collections have further grown to Rs.1,65,105 crore. Moreover, July 2023 GST collection has grown by 11% Year-on-Year (YoY) basis. 

Break up of GST Collections for July 2023

The GST collections included Rs.29,773 crore collected towards CGST, Rs.37,623 crore towards SGST, and Rs.85,930 crore towards IGST. IGST includes Rs.41,239 crore worth of GST on goods imported. 

The recently notified PIB report also mentions that the cess collections accounted for Rs.11,779 crore, including Rs.840 crore collected towards importing goods.

The government report highlights that the Centre made a settlement of Rs.39,785 crore and Rs.33,188 crore in July 2023 towards CGST and SGST, respectively, out of the Integrated GST collections made. 

The revenue of the Centre and states after the regular settlements in July 2023 works out to Rs.69,558 crore for Central GST and Rs.70,811 crore for State GST.

Analysis of the GST Collection for July 2023

July 2023 is now known for its fifth-highest monthly GST collections crossing the Rs.1.6 lakh crore mark since the introduction of GST. Further, it’s recorded crossing Rs.1.4 lakh crore for seventeen months in a row and crossing Rs.1.5 lakh for the eighth time since 1st July 2017.

The revenues from domestic transactions (that includes service import) was 15% Y-o-Y basis.

Also, the GST revenues for July 2023 are 11% higher than the monthly GST collections of July 2022 on a Year-on-Year (Y-o-Y) basis. The GST collection for July 2022 was Rs.1,48,995 crore. 

One can observe a steady and consistent rise in GST collections since April 2023. The GST collections in May 2023 were lower than other months in 2023-24, but one can expect an upward momentum during this financial year 2023-24 due to recovering economy.

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

Image credit- PIB

GST Collection for July 2023 State-wise

GST collection in Mizoram recorded the highest Y-o-Y rise of 47%. It was followed by Lakshadweep at 45%. Andaman and Nicobar Islands, Center Jurisdiction, Jammu and Kashmir, and Meghalaya followed suit.

Just like in previous months, Maharashtra posted the highest GST collection for July 2023 in absolute terms at Rs.26,064 crore. States like Karnataka, Tamil Nadu, Gujarat, Uttar Pradesh, and Haryana have also shown exceptional numbers similar to the past months.

On the other hand, Manipur posted a degrowth in July 2023. 

State-wise SGST Settled from IGST

The PIB has released the information of the SGST amount released to states/UTs out of the Integrated GST collected in June 2023. Maharashtra, Uttar Pradesh, and Karnataka, similar to last month, have topped the list as per the table below.

The GST Collections July 2023 was reported by the Finance Ministry in a press release on the PIB on 1st August 2023.

Also Read
GST Collection June 2023
GST Collection May 2023
GST Collection April 2023
GST Collection March 2023
GST Collection February 2023
GST Collection January 2023