India’s Ministry of Finance has announced that the Goods and Services Tax (GST) collection for the month of June reached a noteworthy ₹1.61 trillion. This figure demonstrates a significant 12% increase compared to the GST revenue collected in the same month of the previous year. Notably, this is the fourth instance since the introduction of GST that the gross collection has exceeded the ₹1.60 trillion mark.
Out of the total GST revenue collected in June, CGST accounted for ₹31,013 crore, SGST amounted to ₹38,292 crore, and IGST stood at ₹80,292 crore, including ₹39,035 crore from imported goods. Additionally, cess collected, which includes ₹1,028 crore on imported goods, totaled ₹11,900 crore. Furthermore, ₹36,224 crore was allocated to CGST and ₹30,269 crore to SGST from IGST. After regular settlements, the Centre and the States reported revenues of ₹67,237 crore and ₹68,561 crore, respectively, for CGST and SGST.
India has consistently witnessed an upward trend in GST collection, achieving a record-high of ₹1.87 lakh crore in April, followed by ₹1,57,090 crore in May. Impressively, this marks the 16th consecutive month that the gross GST collection has surpassed ₹1.4 lakh crore and the seventh time it has crossed the ₹1.5 lakh crore mark since the introduction of GST.
Finance Minister Nirmala Sitharaman emphasized the benefits of GST, highlighting its role in reducing taxes for consumers by eliminating the cascading effect of ‘tax-on-tax.’ She commended the dedication and commitment of tax officers, attributing their efforts to establishing a monthly GST revenue of ₹1.60 lakh crore as the “new normal.”
The average monthly gross GST collection for the first quarter of the financial years 2022, 2023, and 2024 stands at ₹1.10 lakh crore, ₹1.51 lakh crore, and ₹1.69 lakh crore, respectively. This consistent growth trajectory in GST revenue reflects the effectiveness of the tax system over the years.
Minister Sitharaman further emphasized that GST has played a pivotal role in bolstering the revenue buoyancy of states. By streamlining the taxation process and eliminating the cascading effect, GST has significantly contributed to overall economic stability and growth in the nation.