The Ministry of Finance has recently announced significant developments in GST revenue collection during August 2023, showcasing a remarkable 11% year-on-year growth.
August 2023 GST Revenue Collection: The gross GST revenue collected in August 2023 stands at a substantial ₹1,59,069 crore. This amount encompasses CGST (₹28,328 crore), SGST (₹35,794 crore), IGST (₹83,251 crore, including ₹43,550 crore from import of goods), and Cess (₹11,695 crore, including ₹1,016 crore from import of goods).
Distribution and Settlement: The government has disbursed ₹37,581 crore to CGST and ₹31,408 crore to SGST from IGST. This cumulative revenue for both the Center and States amounts to ₹65,909 crore for CGST and ₹67,202 crore for SGST after standard settlement procedures.
YoY Growth in Revenue: A remarkable 11% increase in GST revenues has been recorded in August 2023 as compared to the same month in the previous year. Additionally, revenue generated from the import of goods has witnessed a 3% rise, while domestic transaction revenues, including import of services, have soared by 14%.
State-Wise Analysis: The article presents a comprehensive table showcasing the year-on-year growth of GST revenue across different states and union territories. Notable performers include Maharashtra with a remarkable 23% growth, Kerala with 13%, and Goa with a substantial 36% growth.
IGST Settlement Breakdown: The report also offers insights into the distribution of SGST and the SGST portion of IGST among various states and union territories. Maharashtra leads the pack with a notable ₹11,470 crore settlement, followed by Karnataka at ₹5,656 crore and Tamil Nadu at ₹5,513 crore.
Related Press Release is as follows:
Ministry of Finance
₹1,59,069 crore gross GST revenue collected during August 2023; records 11% Year-on-Year growth
GST Revenues from domestic transactions (including import of services) are 14% higher Year-on-Year
The government has settled ₹37,581 crore to CGST and ₹31,408 crore to SGST from IGST. The total revenue of Centre and the States in the month of August, 2023 after regular settlement is ₹65,909 crore for CGST and ₹67,202 crore for the SGST.
The revenues for the month of August, 2023 are 11% higher than the GST revenues in the same month last year. During the month, revenue from import of goods was 3% higher and the revenues from domestic transactions (including import of services) are 14% higher than the revenues from these sources during the same month last year.
The chart below shows trends in monthly gross GST revenues during the current year. The Table-1 shows the state-wise figures of GST collected in each State during the month of August, 2023 as compared to August, 2022 and Table-2 shows the SGST and SGST portion of the IGST received/settled to the States/UTs in August, 2023.
Table-1: State-wise Y-o-Y growth of GST Revenue in August, 2023 (Rs. In crore)
|Jammu and Kashmir||434||523||21|
|Daman and Diu and Dadra and Nagar Haveli||311
|Andaman and Nicobar Islands||16||21||35|
Table-2: Amount of SGST & SGST portion of IGST settled to States/UTs in August, 2023 (Rs. In crore)
|State/UT||SGST collection||SGST portion of IGST||Total|
|Jammu and Kashmir||220||420||640|
|Dadra and Nagar Haveli and Daman and Diu||51||40||90|
|Andaman and Nicobar Islands||10||22||33|
Does not include GST on import of goods