GST revenue for June 2023 grows nearly 12% YoY to Rs 1.61 lakh crore

In one of its best performances, Gross GST collection has crossed the Rs. 1.6 lakh crore mark for the fourth time since the inception of GST as it grew 12 per cent Year-on-Year for June 2023 to Rs 1,61,497 crore.

GST revenue has been more than Rs. 1.4 lakh crore for 16 months in a row. However, it is also the 7th time that it has been recorded at more than Rs. 1.5 lakh crore.

The average monthly gross GST collection for the first quarter of FY23-24 is Rs.1.10 lakh crore.

Lakshwadeep has recorded the highest growth as its collection rose by 3,316 per cent. The union territory reported a collection of Rs 0.64 lakh crore in June 22, while it stood at Rs 21.86 in June 23.

GST officers bust 304 syndicates involving Rs 25k cr fake ITC claims

GST officers have busted 304 syndicates involving 9,000 fake GSTINs and input tax credit (ITC) claims of Rs 25,000 crore in the ongoing drive against bogus firms, CBIC chairman Vivek Johri said on Saturday. The chief of the Central Board of Indirect Taxes and Customs (CBIC) flagged that only 40 per cent of the corporate income taxpayer base is registered under Goods and Services Tax (GST). Currently, 1.39 lakh businesses are registered under GST, launched 6 years ago on July 1, 2017.

The government has settled Rs 36,224 crore to CGST and Rs 30269 crore to SGST from IGST. The total revenue of Centre and the States in the month of June 2023 after regular settlement is Rs 67,237 crore for CGST and Rs 68,561 crore for the SGST.

₹1,61,497 crore gross #GST revenue collected for June 2023; records 12% Year-on-Year growth

 Gross #GST collection crosses ₹1.6 lakh crore mark for 4th time since inception of #GST; ₹1.4 lakh crore for 16 months in a row; and ₹1.5 lakh 7th time since inception

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— Ministry of Finance (@FinMinIndia) July 1, 2023