GST collection rises 11 percent to Rs 1.65 lakh crore in July
By Lokmat English Desk | Published: August 1, 2023 06:46 PM2023-08-01T18:46:25+5:302023-08-01T18:46:25+5:30
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GST collection rose 11 percent year-on-year to Rs 1,65,105 crore in July. The Ministry of Finance gave this information on Tuesday. GST collection has exceeded Rs 1.60 lakh crore for the fifth time since the introduction of indirect tax regime.
According to the Finance Ministry statement, "Gross Goods and Services Tax (GST) collection in July 2023 stood at Rs 1,65,105 crore. This includes Central GST Rs 29,773 crore, State GST Rs 37,623 crore, Integrated GST Rs 85,930 crore (totaling Rs 41,239 crore on import of goods).
According to the ministry, the revenue collection in July 2023 was 11 percent higher than the same month last year. In July 2022 it was Rs 1.49 lakh crore. In the year 2023, July is the second consecutive month when taxes paid on goods sold and services rendered.
This record was Rs 1.87 lakh crore in April. Revenue from domestic transactions (including import of services) remained 15 percent higher on year-on-year basis during the month under review. N. A. Shah Associates Partner (Indirect Tax) Parag Mehta said that houses, cars, holidays and etc.
Mehta said that a strong GSTN network has ensured early detection of these tax evaders. Through this, the department is taking action against tax evaders and bogus challan issuing entities on a regular basis. Apart from this, the issue of industry by GST Council.
डेलॉइट इंडिया पार्टनर एम.एस. मणि ने कहा कि ई-इनवॉइस कारोबार सीमा में कमी के साथ राज्यों में जीएसटी ऑडिट की संख्या बढ़ी जिससे कंपनियों में जीएसटी का अधिक पालन किया गया। इससे मासिक आधार पर जीएसटी संग्रह बढ़ा है और वह एक स्तर पर स्थिर होता जा रहा है।
Abhishek Jain, KPMG's national head (indirect tax) in India, said collections are expected to increase in the coming months due to the festive season.
