GST Collection in June 2023: The Goods and Services Tax i.e. GST has completed six years of implementation. In these six years, the GST system has not only stabilized, but the government exchequer has also started to generate a lot of revenue. In the month of June once again the government exchequer has earned a huge amount from GST.
An increase of 12 percent over the corresponding period last year
The Finance Ministry today announced the GST data for the month of June 2023 on July 1. According to government data, during the month of June 2023, the government will get Rs. 1.61 lakh crore, which is an increase of 12 percent over the year-ago period. Earlier, GST collection increased by 12 percent in the month of May as well.
How much was the collection in May?
Earlier, during the month of May, the government had received an income of Rs 1.57 lakh crore from GST. This earnings to the exchequer during May 2023 was 12 percent higher than a year ago i.e. May 2022. Before May i.e. during the month of April, GST made the best record so far. In the month of April, the government earned Rs 1.87 lakh crore from GST.
Gross GST revenue collected in the month of June 2023 is Rs 1,61,497 crore; records 12% year-on-year growth: Ministry of Finance pic.twitter.com/oJEt2ROg0G
— ANI (@ANI) July 1, 2023
This record was made last month
The GST collection statistics show that the government is making good money from this. In the 6-year history of GST, there have been 6 occasions so far when GST has generated more than Rs 1.5 lakh crore. It is also the fourth month when GST collection has crossed Rs 1.60 lakh crore. Not only this, but last month i.e. June 2023 was the 15th consecutive month when the government has managed to collect more than Rs 1.4 lakh crore in revenue from GST.
1.61 lakh crore came in this way
If we look at the figures for the month of June, from Central GST (CGST) Rs. 31,013 crore, from State GST (SGST) Rs. 38,292 crore and from Integrated GST (IGST) Rs. 80,292 crore has been received, collected on import of goods. Apart from this, the government has received Rs 11,900 crore from cess.
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