Goods and Services Tax (GST) revenue for July 2023 has reached an all-time high, totalling £1,65,105 crore. This figure represents an 11% increase compared to the same period last year. Notably, revenues from domestic transactions, including imported services, saw a significant 15% rise year-on-year. This marks the fifth occasion since the GST's inception that collections have surpassed the £1.60 lakh crore milestone.
₹1,65,105 crore gross GST revenue collected for July 2023; records 11% Year-on-Year growth
Gross GST collection crosses ₹1.6 lakh crore mark for 5th time since inception of GST Revenues from domestic transactions (including import of services) are 15% higher Year-on-Year
The gross GST revenue collected in the month of July, 2023 is₹1,65,105 croreof which CGST is₹29,773 crore, SGST is₹37,623 crore, IGST is₹85,930 crore(including ₹ 41,239 crore collected on import of goods) and cess is₹11,77
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FAQ :
The gross GST revenue collected in July 2023 was £1,65,105 crore.
The GST revenue for July 2023 is 11% higher than the revenue collected in July 2022.
Revenues from domestic transactions, including the import of services, were 15% higher year-on-year.
This is the fifth time that the gross GST collection has crossed the £1.60 lakh crore mark.
The total collection included £29,773 crore CGST, £37,623 crore SGST, £85,930 crore IGST (including imports), and £11,779 crore cess (including imports).