GST Collections of June 2023

GST collection for June 2023 is Rs.1,61,497 crore, rising from Rs.1,57,090 crore last month. It is the second-highest monthly collection after April 2023. Also, June 2023 also marked the 4th time since the introduction of GST to have crossed the Rs.1.6 lakh crore mark.

The GST collections for May 2023 had dropped compared to April 2023, which clocked a collection of Rs.1,87,035 crore. Further, June 2023 GST collection has grown by 12% Year-on-Year (YoY) basis. 

Break up of GST Collections for June 2023

The GST collections included Rs.31,013 crore collected towards CGST, Rs.38,292 crore towards SGST, and Rs.80,292 crore towards IGST. IGST includes Rs.39,035 crore worth of GST on goods imported. 

The recently notified PIB report also mentions that the cess collections accounted for Rs.11,900 crore, including Rs.1,028 crore collected towards the import of goods.

The government report emphasises that the Centre made a settlement of Rs.36,224 crore and Rs.30,269 crore in June 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 June 2023 works out to Rs.67,237 crore for Central GST and Rs.68,561 crore for State GST.

Analysis of the GST Collection for June 2023

June 2023 is now known for its fourth-highest monthly GST collections crossing the Rs.1.6 lakh crore mark since the inception of GST. Further, it has a record of crossing Rs.1.4 lakh crore for sixteen months in a row while crossing Rs.1.5 lakh for the seventh time since the inception of GST.

The revenues from domestic transactions (that includes service import) was 8% Y-o-Y basis.

Also, the GST revenues for June 2023 are 12% higher than the monthly GST collections of June 2022 on a Year-on-Year (Y-o-Y) basis. The GST collection for June 2022 was Rs.1,44,616 crore. 

There is a steady and consistent rise in GST collections since April 2023. May 2023 showed a slight dip, but one can expect an upward momentum during this fiscal FY 2023-24 due to recovering economy.

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

Image credit- PIB

GST Collection for June 2023 State-wise

GST collection in Lakshadweep recorded the highest Y-o-Y rise of 3316%. It was followed by Nagaland at 136%. Mizoram, Andaman and Nicobar Islands, Arunachal Pradesh, and Jammu and Kashmir followed suit.

Just like in previous months, Maharashtra posted the highest GST collection for June 2023 in absolute terms at Rs.26,098 crore. States like Karnataka, Gujarat, Tamil Nadu, Uttar Pradesh and Haryana have also shown exceptional numbers similar to the past months.

On the other hand, no state/Union Territory has posted a degrowth in June 2023. 

State-wise SGST Settled from IGST

Further, the PIB has released the data of the SGST amount released to states/UTs out of the Integrated GST collected in June 2023. Maharashtra, Uttar Pradesh, and Karnataka top the list, as given in the below table.

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

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