GST collections rise 11%
New Delhi GST collection rose 11 percent to over Rs 1.65 lakh crore in July as a result of anti-evasion measures and higher consumer spending. This is the fifth time since the rollout of the Goods and Services Tax (GST) regime that monthly collections have crossed the Rs 1.60 lakh crore mark – making it the new normal.
“Gross GST revenue collected in July is Rs1,65,105 crore of which CGST is Rs29,773 crore, SGST is Rs 37,623 crore, IGST is Rs85,930 crore (including Rs41,239 crore collected on import of goods) and cess is Rs11,779 crore (including Rs 840 crore collected on import of goods),” the finance ministry said in a statement. Revenues for the month were 11 percent higher than GST revenues in July 2022, when it was about Rs1.49 lakh crore. July 2023 is the second consecutive month when revenues from taxes paid on goods sold and services rendered showed an increase month-on-month. It was Rs1.61 lakh crore and Rs1.57 lakh crore in June and May, respectively.
GST collections rise 11%
The record high collection of Rs1.87 lakh crore was witnessed in April. During July, revenues from domestic transactions (including import of services) were 15 per cent higher than revenues from these sources during the same month last year. N A Shah Associates Partner, Indirect Tax, Parag Mehta said increased consumer spending for homes, cars, vacations, and other consumer items is also ensuring higher monthly GST collections.
GST collections rise 11%
The strong GSTN network has ensured detection of tax evaders at early stages. Hence, on a regular basis, the department has been cracking down on tax evaders and fake invoicing entities. Further, the periodic clarifications on industry issues by the GST Council are also ensuring clarity in the law, proper compliances, and higher collections by the authorities,” Mehta said.
Deloitte India Partner MS Mani said the progressive reduction in the e-invoicing turnover limits accompanied by the large increase in a number of state-wise GST audits has led to all businesses becoming more GST compliant leading to increasingly stable GST collections month after month.
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