GST revenue collection | J&K maintains impressive streak; records 27% growth

Jammu, Aug 1: Continuing its impressive performance, Jammu and Kashmir has recorded 27 percent growth of GST revenues during July 2023, compared to the collection of the same month of the previous financial year; yet again better than the national average.

Pertinently, India’s gross GST revenue for the month of July 2023 stood at Rs 1,65,105 Cr, registering an 11 per cent year-on-year rise.

As per Union Ministry of Finance, the GST revenue collected in the month of July, 2023 in J&K was Rs 549 Cr compared to Rs 431 Cr in July, 2022.

J&K in June also registered record-breaking 58 percent Year-on-Year growth.

Meanwhile, the Union Territory of Ladakh has further improved its collection and has achieved 13 percent growth of GST revenue during July 2023 than the collection in the same month last year.

In June, Ladakh Union Territory recorded a year-on-year increase of 10 percent in GST revenue.

In the case of Ladakh UT, the gross GST revenue collected in July 2023 was Rs 23 Cr compared to Rs 20 Cr in July, 2022.

As per the statistics released by the Union Ministry of Finance, the gross GST revenue (of India) collected in the month of July, 2023 is Rs1,65,105 Cr of which CGST is Rs 29,773 Cr, SGST is Rs 37,623 Cr, IGST is Rs 85,930 Cr (including Rs 41,239 Cr collected on import of goods) and cess is Rs 11,779 Cr (including Rs 840 Cr collected on import of goods).

It is for the fifth time, the gross GST collection has crossed Rs. 1.60 lakh crore mark.

The government has settled Rs 39,785 Cr to CGST and Rs 33,188 Cr to SGST from IGST. The total revenue of Centre and the States in the month of July 2023 after regular settlement is Rs 69,558 Cr for CGST and Rs 70,811 Cr for the SGST.

“The revenues for the month of July 2023 are 11 percent higher than the GST revenues in the same month last year. During the month, the revenues from domestic transactions (including import of services) are 15 percent higher than the revenues from these sources during the same month last year,” the statistics reveal.

In case of J&K, the amount of SGST portion of IGST settled to States/UT in July’23 is Rs 663 Cr, out of which Rs 234 Cr is SGST collection and Rs 429 Cr is SGST portion of IGST.

In the case of Ladakh, on this account, the total amount in July’23 is Rs 58 Cr, out of which Rs 11 Cr is SGST collection and Rs 47 Cr is SGST portion of IGST.