The Ministry of Finance has released data showing that the gross goods and services tax (GST) collection for July 2023 has surpassed the Rs 1.65 lakh crore mark. This marks the fifth instance of GST revenue crossing this threshold since its inception. The revenue for July 2023 is 11 percent higher than the same month last year, reflecting a positive trend in the country’s economic growth.
The data reveals that domestic transactions, including the import of services, have seen a significant YoY increase of 15 percent in July 2023, indicating a rise in domestic economic activities.
The government has settled Rs 39,785 crore to CGST and Rs 33,188 crore to SGST from IGST in July 2023. After regular settlement, the total revenue for the Centre stands at Rs 69,558 crore, and for the States, it is Rs 70,811 crore.
The continuous increase in GST collections signals a favorable environment for the consideration of rate rationalization for various goods and services. This move could ultimately benefit consumers by potentially reducing tax burdens on essential goods and services.
The robust GSTN (Goods and Services Tax Network) has played a vital role in detecting tax evaders at early stages. The department’s crackdown on tax evaders and entities involved in fake invoicing has contributed to higher revenue collections.
Periodic clarifications provided by the GST Council on industry-related issues have ensured greater clarity in the tax laws and improved compliance by businesses, leading to increased GST collections.
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