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GST Revenues Rise To Rs 1.65 Lakh Crore In July On Anti-Evasion MeasuresGST collection rose 11 per cent 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 Rs 1,65,105 crore of which CGST is Rs 29,773 crore, SGST is Rs 37,623 crore, IGST is Rs 85,930 crore (including Rs 41,239 crore collected on import of goods) and cess is Rs 11,779 crore (including Rs 840 crore collected on import of goods)," the finance ministry said in a statement.
Revenues for the month were 11 per cent higher than GST revenues in July 2022, when it was about Rs 1.49 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 Rs 1.61 lakh crore and Rs 1.57 lakh crore in June and May, respectively.
The record high collection of Rs 1.87 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.
"The strong GSTN network has ensured detection of tax evaders at early stages. Hence, on 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 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 number of state wise GST audits has led to all businesses becoming more GST compliant leading to increasingly stable GST collections month after month.
"The past trend of six key states generating almost 60 per cent of the nationwide GST collections continues in the current month as well. The steady collections exceeding Rs 1.6 lakh crore over the past few months reflects an increasing awareness across businesses that GST compliance is essential and any non-compliance will get picked up immediately," Mani said.
KPMG in India National Head (Indirect Tax) Abhishek Jain said with the upcoming festive season, the collections are expected to go up in the coming months.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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 Rs 1,65,105 crore of which CGST is Rs 29,773 crore, SGST is Rs 37,623 crore, IGST is Rs 85,930 crore (including Rs 41,239 crore collected on import of goods) and cess is Rs 11,779 crore (including Rs 840 crore collected on import of goods)," the finance ministry said in a statement.
Revenues for the month were 11 per cent higher than GST revenues in July 2022, when it was about Rs 1.49 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 Rs 1.61 lakh crore and Rs 1.57 lakh crore in June and May, respectively.
The record high collection of Rs 1.87 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.
"The strong GSTN network has ensured detection of tax evaders at early stages. Hence, on 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 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 number of state wise GST audits has led to all businesses becoming more GST compliant leading to increasingly stable GST collections month after month.
"The past trend of six key states generating almost 60 per cent of the nationwide GST collections continues in the current month as well. The steady collections exceeding Rs 1.6 lakh crore over the past few months reflects an increasing awareness across businesses that GST compliance is essential and any non-compliance will get picked up immediately," Mani said.
KPMG in India National Head (Indirect Tax) Abhishek Jain said with the upcoming festive season, the collections are expected to go up in the coming months.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)