The GST collections crossed the Rs. 1.60 lakh crore mark for the fifth time.
During the month, the revenues from domestic transactions (including import of services) are 15% higher than the revenues from these sources during the same month last year, the finance ministry said in a statement.
Of the total collections, Central GST is Rs 29,773 crore, State GST is Rs 37,623 crore, and Integrated GST is Rs 85,930 crore including Rs 41,239 crore collected on import of goods.
The cess collections for the month stood at Rs 11,779 crore, including Rs 840 crore collected on import of goods.
The government has settled Rs 39,785 crore to CGST and Rs 33,188 crore to SGST from IGST.The total revenue of Centre and the States in the month of July 2023 after regular settlement is Rs 69,558 crore for CGST and ₹70,811 crore for the SGST.”The continuous increase in GST collections is a sign for the board to now consider the proposal of rate rationalisation for various goods and services for the benefit of the consumers,” said Parag Mehta, Partner, Indirect Tax, N.A. Shah Associates.
With the onset of festival seasons in the next two-three months, the increased consumer spending for homes, cars, vacations, and other consumer items is also ensuring higher monthly GST collections, he said, adding that the strong GSTN network has ensured detection of tax evaders at early stages.
